Elliott Wave Indicator MT5 refers to the Elliott Wave indicator that can either detect the price pattern or count wave structure within the Forex and Stock chart. Before we going into the Elliott Wave Indicator, let us explain what is Elliott Wave Theory first. Elliott wave theory is nearly 100 years old trading strategy. However, 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.
We provide several Elliott Wave indicator for MetaTrader 5, the most popular platform in the world. MetaTrader 5 is the next generation trading platform developed by Meta Quote who developed MetaTrader 4. MetaTrader 5 is a newer and more advanced version of MetaTrader 4, the popular trading platform for forex and CFDs. MetaTrader 5 has some advantages over MetaTrader 4, such as:
MetaTrader 5 supports more markets, including stocks, commodities, and cryptocurrencies.
MetaTrader 5 has more timeframes, technical indicators, graphical objects, and order types.
MetaTrader 5 has a built-in economic calendar and email system with attachments.
MetaTrader 5 has a more powerful strategy tester that allows multi-threaded, multi-currency, and real tick testing.
MetaTrader 5 has a more modern and user-friendly interface that supports multilingual Unicode.
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 a range of powerful Harmonic Pattern Scanner particularly designed for MetaTrader 5 platform. Below is the list of Harmonic Pattern Scanner. For your information, Harmonic Pattern Plus and Harmonic Pattern Scenario Planner is repainting. X3 Chart Pattern Scanner is non repainting.
1. Elliott Wave Trend MT5
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 added to give you winning strategy. Please find out from the provided link page.
X3 Chart Pattern Scanner is our next generation profitable 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 Waves and X3 Chart patterns. As a bonus, this scanner can detect around 52 Japanese Candlestick Patterns for your trading. It also provide the built in automatic channels to help you to win in the market. This is the most advanced Harmonic and Elliott wave pattern scanner in the market. You must try.
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 Peak Trough Analysis MT5 (Free)