Elliott Wave indicator is a software that helps a trader to automate Elliott Wave counting and Elliott Wave analysis. Elliott Wave Theory states that the wave patterns in different scales are repeating and superimposing on each other forming complex wave patterns. If harmonic pattern directly focuses on the short patterns made up from five points, the Wave Principle, developed by Ralph Nelson Elliott, describe how the financial market evolve to meet the equilibrium with the repeating wave patterns, equilibrium fractal waves. The advantage of Elliott Wave theory is that it is comprehensive as the theory provides multiple trading entries on different market conditions. With Elliott Wave theory, traders can perform both momentum trading and mean reversion trading. The disadvantage of Elliott Wave theory is that it is more complex comparing to other trading techniques. In addition, there are still some loose ends in detecting Elliott wave patterns. For this reason, many traders heavily criticize the lack of scientific methods of counting Elliott Waves.
Here is a video of Elliott Wave indicator that demonstrates how complex Elliott Wave could be for your trading in raw form. However, it can be simplified with Pattern and Template approach typically used in Artificial intelligence and data mining Community. We use the peak trough anlaysis as the template of the Elliott Wave Analysis. This short video helps you to understand how Elliott Wave Trend can help you with your trading with embedded Pattern and Template Approach. We are talking about the practical trading.