# Elliott Wave Indicator for MetaTrader 5

Elliott Wave indicator can help to identify Elliott Wave to spot bullish and bearish trading signals in Forex and Stock chart. Elliott Wave theory was developed by Ralph Nelson Elliott in 1930s. Elliott Wave theory was covered in his book. In his book, Elliott Wave theory presented the self similar repeating wave patterns that is known as Fractal Wave in the modern science.

The Elliott Wave principle is rather general theory. As you will learn practical knowledge at work place after your school, we also need to develop practical knowledge after we have learnt the wave principle too. People who try to use the raw Wave principle may start with big disappointment because its complexity and frustrating results at the beginning. To apply the Wave principle in practice, we can have two alternative approaches. One is pattern approach and the other is wave-counting (or labelling) approach. In pattern approach, we can create Elliott Wave patterns with specific ratio sets based on the Wave principle. After we have figured out the sensible ratios for each pattern, we can test the pattern through data. We can also learn how to apply each pattern through the data too.

In wave counting approach, you will start with the current chart and try to label minor and major cycles in your chart according to the wave principle. The outcome is to try to label each peak and trough as accurately as possible according to the Wave principle. Wave counting always involves the nested wave counting, which is open for the subjectivity of the practitioner. Comparing to the pattern approach, wave-counting approach is hard to test its trading outcome in real world trading for two reasons. Firstly, getting the agreement on wave cycle in Forex and Stock market is hard among the wave-counting practitioners. Secondly, chart data is always unique when you try to fit several nested wave cycles in wave counting. Hence, we are not able to copy and paste our past wave counting for the current market data because they do not fit simply. If we have to create unique counting every time, there is high chance of subjectivity. In Pattern approach, once the specific ratio set is provided, whoever used the patterns, you will get the pattern signal at the same time as long as you use the same data with the other traders. Pattern approach is more close to the mechanical signal what every trader is looking for.

In this article, we present the several Elliott Wave Indicator available in MetaTrader 5 platform. MetaTrader 5 is the next generation trading platform developed by Meta Quote who developed MetaTrader 4. MetaTrader 5 is accessible for free of charge for any trader from all over the world. More and more brokers are now offering MetaTrader 5 trading options even including US based firms. We provide two powerful Elliott Wave Indicators for MetaTrader 5 platform. Here is the short summary of our Elliott Wave Indicators for your trading.

1. Elliott Wave Trend MT5

Elliott Wave Trend is extremely powerful indicator. Allow you to perform Elliott wave counting as well as Elliott wave pattern detection. On top of them, it provides built in support and resistance system to improve your trading performance. Yet, this is only short summary though, you should find out more information and its features from product page. It is very unique tool in the world of trading.

Here is the links to our Elliott Wave Trend:

https://www.mql5.com/en/market/product/16472

https://algotrading-investment.com/portfolio-item/elliott-wave-trend/

2. X3 Chart Pattern Scanner MT5

X3 Chart Pattern Scanner is specialized tools in detecting the chart patterns including Harmonic Pattern and Elliott Wave Patterns, and more more patterns. Pattern detection process is fully automatic + you can even create customized Elliott wave and Harmonic patterns if you wish. Yet, this is only short summary though, you can find out more information and its features from product page. It is very unique tool in the world of trading.

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

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