Elliott Indicator

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21.11.2010 build 1.0 - Elliott wave indicator for metatrader 4

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How to use Elliott Wave Indicator – Usage

Download Elliott Indicator Usage Guide

Indicator is calculating thousands possible waves (patterns) and wave combinations, taking into account every Elliott Wave rule, every Fibonacci ratio and the fractal nature of the chart.

After calculations, the preferred (combinations with highest probability) Elliott Wave count automatically is displayed in your chart.

Also on the chart will show the rays indicate the most probable direction of the waves

 

You can find information about all founded patterns. Information about all waves is displayed in the application window and is represented as a tree structure. You should select you Metatrader than chart (currency and timeframe), than pattern name. Press Ctrl +T and read all information about pattern. Information contains: probabilities and rules for this pattern.

Example:
RunningTriangle
Score: 23.70
Probability: 30.00
FiboPriceScore: 4.91
FiboTimeScore: 20.61
FiboProportionalScore: 4.91
Fibonacci: 8.84

Rules:
The internal retrace of the first wave must be at least 100%%
The internal retrace of the second wave must be at least 100%%
The internal retrace of the third wave must be at least 90%%
The internal retrace of the fourth wave must be at least 100%%
the first wave must exceed the price territory of the origin
The second wave can not exceed the price territory of the first wave
The third Wave must exceed the price territory of the second wave
V The fifth Wave must exceed the price territory of the fourth wave
the fourth wave must exceed the price territory of the third wave
The second wave in this pattern must have a minimal retrace of 38%%(internal points included!)
The third wave in this pattern must have a minimal retrace of 38%%(internal points included!)
The fourth wave in this pattern must have a minimal retrace of 38%%(internal points included!) the fifth wave must be longer than 30%% of the fourth wave
the second wave must be shorter than 200%% of the first wave
the third wave must be longer than 23%% of the first wave
The fifth wave must be longer than 23%% of the third wave
the third wave can not be too long compared to the second wave
the fifth wave can never get longer than the third wave
the second wave must be longer than the fourth wave
The second wave must exceed the beginning of the first wave
the fourth wave in this pattern can not get too long(internal points included!)
the third wave must be shorter than 100%% of the second wave

Common indications:
The internal retrace of the fifth wave must be at least 60%%
the second wave must be shorter than 161.8%% of the first wave
Often the second wave is approx. 138.2%% of the first wave (internal points included!)
the fifth wave must be longer than 23%% of the first wave
the fourth wave must retrace more than 47%%
the third wave must retrace more than 47%%
the second wave must retrace more than 47%%

 

Elliott Indicator - Usage Example

Vegas Wave Strategy Based on Elliott Indicator

 

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