Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
Lets dabble a bit into Elliot Waves.
This is a simple indicator which tries to identify Wave 1 and 2 of Elliot Impulese Wave and then projects for Wave 3.
Ratios are taken from below link: https://elliottwave-forecast.com/elliott-wave-theory/ - Section 3.1 Impulse
Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets
Important input parameters
MaximumNumBars : To calculate back number of bars to identify the wave.
Length : Zigzag Length. Keep the numbers low if you are looking for smaller and shorter trades. Keep the numbers high if you are looking for longer and bigger trades.
Error Percent : Adjustments for ratios as it is not always possible to find exactly equal retracement ratio.
Entry Percent : Once Wave 2 is formed, entry is set after reversing 30% of wave 2. This number can be increased or decreased. Caution: Keeping the number too low may result in false signals.
ShowRatios and ShowWaves lets you display wave line and retracement ratios for each pivots
Note : there is not trend direction filter, so if you use that signal as your entry reference, please consider the trend direction by yourself.
