Elliott Wave indicator is a tool to help the day trader to count Elliott Wave or to identify Elliott Wave pattern in the Forex and Stock chart analysis. Elliott Wave indicator might be specialized to do Elliott Wave Coutning or Elliott Wave pattern detection. When you choose the Elliott Wave indicator, you need to know which functionality is suitable for you. Typically, Elliott wave counting is more complicated in comparison to the Elliott Wave pattern detection in terms of Elliott Wave indicator application. Before we explain the Elliott Wave Indicator, let us cover some basics of Elliott Wave Theory. Ralph Nelson Elliott was one of very first person who believed that he could predict the stock market by studying the repeating price patterns in the price series. The Wave Principle from Elliott 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. Therefore, when you use Elliott Wave theory, you need to stick with some objective plan like quantification of wave counting rule and so on. 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 MT5 version of Elliott Wave indicator for your professional trading.
1. MT5 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.
This is our next generation Harmonic Pattern and Elliott Wave Pattern Scanner. This is non-repainting and non-lagging Pattern Scanner. In fact, X3 Chart Pattern Scanner is not exclusively Elliott Wave Pattern scanner. However, it can detect Harmonic patterns, Elliott wave patterns and X3 price patterns. As a bonus, this scanner can detect around 52 Japanese candlestick patterns for your trading. This is the most advanced Harmonic and Elliott Wave pattern scanner in the market. You must try.
Here is link to MT5 version of X3 Chart Pattern Scanner
3. MT5 Peak Trough Analysis tool (Free for every one)
Understanding how peak trough analysis works for your trading is the most basic but essential skill for Elliott Wave trading. Good Elliott wave trader should never miss on a training around peak trough analysis. Do not skip this is free tool. You can use this free tool with any of our products listed above.
Here is the download link for MT5 peak Trough analysis (Free)