Bodhi Elliott Wave Pro
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Bodhi Elliott Wave Pro
This EA Bodhi Elliott Wave Pro is only free for the next two months; after August 31, 2026, it will sell for $499 and will increase by $10 for every 10 licenses sold.
Expert Advisor for MetaTrader 5 · v4.07
Real Elliott Wave Detection · 3 Golden Rules · Fibonacci Zone Entry · FTMO-Ready Risk Management
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Overview
Bodhi Elliott Wave Pro is a fully automated Expert Advisor that trades the classical Elliott Wave principle on H1 charts. Unlike most so-called "Elliott Wave" EAs that simply detect M-shaped or W-shaped price patterns, this EA implements the three core rules of Elliott Wave theory — enforcing correct wave labelling, Fibonacci retracement zones, and time-ratio filters validated across a 3-year backtest on 14 symbols.
The EA is 100% standalone — no server connection, no external subscription, no WebRequest. It loads directly in MetaTrader 5 Strategy Tester and any live account with a single chart attachment.
Key Highlights
• Real Elliott Wave — W2/W4 retracement entries using ZigZag pivots + 3 Golden Rules
• Fibonacci precision — 50–61.8% zone for Wave 2; 38.2–61.8% for Wave 4
• ABC Corrective — detects Wave C completions (ABC corrective structure)
• Inverse ML Sizing — RSI-based position scaling that boosts returns by +25%
• FTMO-ready — daily DD, total DD, FSS-5 panic close, Rule of 2 built-in
• 5 default symbols — GBPUSD, EURGBP, XAUUSD, US30, SP500 (all PF > 1.15)
• No curve-fitting — Fibonacci zones and ZigZag parameters grid-validated over 2023–2026
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Strategy Logic
1. Elliott Wave Detection
The EA uses a native ZigZag algorithm (depth=10) to identify swing pivots, then applies the three Elliott Wave Golden Rules:
• Rule 1 — Wave 2 never retraces more than 100% of Wave 1
• Rule 2 — Wave 3 is never the shortest among Waves 1, 3, and 5
• Rule 3 — Wave 4 never enters the price territory of Wave 1
Only when all three rules are satisfied does the EA consider an entry.
2. Entry Conditions
A trade is opened when ALL of the following align:
• Elliott Wave structure valid (3 Golden Rules passed)
• Price in Fibonacci zone: 50–61.8% (Wave 2) or 38.2–61.8% (Wave 4)
• D1 trend filter: price above/below TEMA on Daily chart
• ADX > 20: trending market, not ranging
• Session: 14:00–20:00 UTC (London close + New York overlap)
• Spread within 2.5× dynamic average (spike protection)
3. ABC Corrective Wave Entries
Detects ABC corrective structures where Wave C equals Wave A in length (±15% tolerance), adding trade opportunities during consolidation phases without sacrificing quality.
4. Inverse ML Sizing (Unique Feature)
Uses RSI as a momentum proxy to scale position size at Wave 2 entries:
RSI Condition at Entry | Scale | Rationale
Strongly opposite (RSI <35 BUY / >65 SELL) | 1.4× | Deep W2 confirmed
Weakly opposite (35–40 or 60–65) | 1.2× | Moderate confirmation
Neutral (40–60) | 1.0× | No adjustment
Weakly agrees | 0.9× | Slight caution
Strongly agrees | 0.7× | W2 may not be complete
Backtest result: Inverse ML Sizing → +10.4% return vs +8.3% baseline over 3 years (PF 1.25 vs 1.24).
5. Exit Strategy
• Virtual Stop Loss — real SL managed internally (anti-stop-hunt)
• Partial close at 61.8% TP — 50% closed, remainder trails
• Move to breakeven after partial close
• ATR-based trailing stop
• Daily target — closes all when daily profit % reached
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Backtest Results
Parameters: 0.1% risk/trade, $10,000 initial balance, H1 data, session 14–20 UTC.
Enabled Symbols — 3-Year (Feb 2023 → Feb 2026)
Symbol | Trades | Win Rate | PF | Return | Max DD
GBPUSD | 118 | 49.2% | 1.56 | +2.8% | 0.9%
EURGBP | 137 | 44.5% | 1.15 | +1.0% | 1.6%
XAUUSD | 144 | 45.8% | 1.16 | +1.1% | 1.2%
US30 | 169 | 38.5% | 1.23 | +2.3% | 1.4%
SP500 | 180 | 38.3% | 1.21 | +2.0% | 1.8%
Recent Performance — 1-Year (Feb 2025 → Feb 2026)
Symbol | Trades | Win Rate | PF | Return | Max DD
GBPUSD | 41 | 48.8% | 1.19 | +0.3% | 0.6%
EURGBP | 51 | 49.0% | 1.49 | +1.2% | 1.0%
XAUUSD | 46 | 47.8% | 1.25 | +0.5% | 0.5%
US30 | 56 | 35.7% | 1.18 | +0.6% | 0.9%
SP500 | 69 | 39.1% | 1.50 | +1.6% | 0.5%
At default 0.2% risk, returns approximately double while max DD stays below 4%.
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Risk Management
Feature | Default | Description
Risk per Trade | 0.2% | Percentage of account equity per trade
Max Daily Loss | 2.0% | Halts new entries for the day if hit
Daily Target | 1.0% | Closes all positions when daily profit % reached
Max Total Drawdown | 9.0% | Permanent stop if exceeded
Rule of 2 | 2 | Pause after 2 consecutive losses per symbol
FSS-5 Panic Close | 1.0% | Emergency close if equity drops 1% intraday
Max Concurrent Pairs| 5 | Portfolio-level open position limit
Max Float Loss | 1.5% | Block new entries if portfolio float < -X%
Spread Protection | 2.5× | Skip entries during spread spikes
Virtual Stop Loss | ON | Internal SL to avoid broker stop-hunting
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Setup & Usage
Installation
1. Copy Bodhi_Elliott_Wave_Pro.ex5 to your MT5 Experts folder
2. Attach the EA to any chart (symbol does not matter — EA manages its own symbols)
3. Enable Allow Algo Trading in MT5 terminal settings
4. The EA auto-detects broker symbol names (GBPUSD, GBPUSD.m, GBPUSDpro, etc.)
No external indicator required — the EA uses a built-in native ZigZag calculation compatible with all MT5 brokers and the MQL5 marketplace tester.
Recommended Settings for Prop Firm Challenges
Parameter | 5K | 10K | 25K+
RiskPerTrade | 0.15% | 0.20% | 0.20%
MaxDailyLoss | 2.0% | 2.0% | 2.0%
MaxTotalLoss | 9.0% | 9.0% | 9.0%
FSS5_DropPercent | 1.0% | 1.0% | 1.0%
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Frequently Asked Questions
Q: Does this EA require a server connection or subscription?
No. 100% standalone. No WebRequest, no external server, no subscription required.
Q: Which broker should I use?
Any MT5 broker. The EA auto-detects symbol name variants. Recommended: ECN/STP broker with tight spreads on major forex and US indices.
Q: Can I use it for prop firm challenges (FTMO, The5ers, MyForexFunds)?
Yes. Set MaxDailyLoss = 2.0%, MaxTotalLoss = 9.0% for FTMO (limits: 5%/10%). The built-in FSS-5 panic close and daily DD tracking are designed for prop firm rules.
Q: Why is the win rate below 50% on indices but PF is still positive?
Elliott Wave entries target high R:R setups (MinRR=2.0). On indices, average winning trades are significantly larger than average losers — a 38–40% win rate still produces positive expectancy, identical to classic trend-following.
Q: Can I run multiple instances on the same account?
Yes. Each instance uses a unique magic number range and will not interfere with other EAs or instances.
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Disclaimer
Trading forex, indices, and commodities on margin carries high risk and may not be suitable for all investors. Past backtest performance does not guarantee future results. Bodhi Elliott Wave Pro is a trading tool — it does not guarantee profits. Always trade with risk capital you can afford to lose. Live results may differ due to slippage, spread variation, and broker execution quality.
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