MT4 Elliott Wave Indicator
The Elliott Wave indicator is a tool for technical analysis that helps Forex and stock traders to forecast the direction of prices based on repeating wave patterns. The Elliott Wave indicator is based on the Elliott Wave Theory, which was developed by Ralph Nelson Elliott in the late 1920s. He discovered that the market movements can be predicted by understanding the psychology of the market participants.
Elliott Wave theory received good attention from many traders and investors for several decades. Elliott Wave theory is a useful technique to deal with the financial market with the dominating Equilibrium Fractal-Wave process. For the financial market with strong Equilibrium Wave process (2nd, 3rd and 4th columns in the Price Pattern Table), traders must use alternative methodology over Elliott Wave techniques because Elliott Wave Theory is not meant to deal with Wave process. Seasonality or other cyclic fluctuations can be dealt better with other techniques. For example, Seasonal Exponential Smoothing, Fourier Transform, Principal Component Analysis or Wavelet Transformation might do better job for such a case. Some literature review and empirical research can yield helpful insight on which market trader can trade better with Elliott Wave Theory. In our Book, we will introduce the fundamentals of the Wave Principle. At the same time, we will introduce the template and pattern approach towards more scientific wave counting for traders.
The Wave Principle states that the crowd or social behaviour follows a certain wave patterns repeating themselves. The Wave Principle identifies two wave patterns. They are impulse and corrective wave. Often, the term impulse wave is interchangeably used with the motive wave. Two terms are identical. Both motive and impulse wave progress during the main trend phase whereas the corrective wave progress during the corrective phase against the main trend. In general, the Impulse Wave has a five-wave structure, while the Corrective Wave have a three-wave structure (Figure 5-1). It is important to understand that these wave structures can override on smaller wave structure to form greater wave cycle (Figure 5-2). Elliott Wave theory is useful in identifying both trend market and correction market. As the Elliott Wave Theory already assumes that price progresses in the Fractal-Wave form, they do not suffer from lagging of price like the smoothing algorithm based technical indicators do.
Elliott Wave Indicator is an automated software to assist Elliott Wave counting or Elliott Wave pattern detection for the financial trader in Forex and Stock market. For Elliott Wave Trader, it is necessary to have a good Elliott Wave tools for your trading. It is because Elliott Wave theory is not easy to be completed manually. However, once you understand its trading principle, Elliott Wave indicator can advance your trading performance pretty fast. Elliott Wave indicator can provide the great approach to solve the geometric puzzle in the forex and stock market. We provide two Elliott Wave tools in MetaTrader 4 platform. Elliott wave theory is nearly 100 years old trading strategy. However, it is still actively used by many professional traders from all over the world. We provide MT4 version of Elliott Wave indicator for your professional trading.
1. MT4 – Elliott Wave Trend
Elliott Wave Trend is the professional Elliott wave indicator which was released around 2016. This one allow you to perform Elliott wave counting as well as Elliott wave pattern detection. On top of them, it provides built in accurate support and resistance system to improve your trading performance. There are many other powerful features and it is best to visit product page to find out more about this great MT4 Elliott Wave indicator.
Here is the links to MT4 Elliott Wave Trend:
https://www.mql5.com/en/market/product/16479
https://algotrading-investment.com/portfolio-item/elliott-wave-trend/
2. MT4 – X3 Chart Pattern Scanner
X3 Chart Pattern Scanner is not entirely Elliott Wave tool but it contains some Elliott Wave pattern features in it (it detects Harmonic Patterns, Elliott Wave Patterns, X3 Patterns). Primarily, X3 Chart Pattern Scanner is specialized tools in detecting Chart Patterns including Harmonic Pattern and Elliott Wave Patterns. It is great tool if you want to use both Harmonic Pattern and Elliott Wave patterns in one tool. In addition, the pattern detection algorithm inside X3 Chart Pattern Scanner is customizable using X3 price pattern notation shown in this link below:
https://algotrading-investment.com/2019/07/09/defining-profitable-patterns/
Here is the link to X3 Chart Pattern Scanner
https://www.mql5.com/en/market/product/41993
https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/
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