Elliott Waves Indicator MT4 - Free Download

The Elliott Waves Indicator is an advanced MetaTrader 4 tool for identifying  Elliott Waves in financial markets.

This indicator distinguishes between impulsive and corrective waves, helping traders using technical analysis identify trend continuations and key reversal points.

Traders can detect wave structures like ABCDE, ABC, and 12345, enabling deeper chart analysis.

Elliott Waves Indicator Specifications

The table below outlines the key features of the Elliott Waves Indicator.

Uptrend Example

On the GBP/JPY 30-minute chart, the Elliott Waves Indicator detected an ABC corrective pattern.

This pattern is recognized as a reversal structure in Elliott Wave Theory, often signaling a shift from a downtrend to an uptrend.

Traders can enter long positions after the completion of the ABC pattern to capitalize on the trend reversal.

Downtrend Example

On the USD/CHF 15-minute chart, the price was in an uptrend before the Elliott Waves Indicator identified an ABC corrective pattern.

After the completion of Wave C, the price entered a declining phase. Traders can use this reversal signal to enter short positions and profit from the downtrend.

Elliott Waves Indicator Settings

Below are the customizable settings for the Elliott Waves Indicator:

• Long Depth: Adjusts long wave detection sensitivity.
• Short Depth: Adjusts short wave detection sensitivity.
• Show Lines: Toggles wave line visibility.
• Bullish Waves Color: Sets color for bullish waves.
• Bullish Width: Adjusts bullish wave line thickness.
• Bearish Waves Color: Sets color for bearish waves.
• Bearish Width: Adjusts bearish wave line thickness.
• ABC Label Color: Customizes ABC label color.
• ABCDE Label Color: Customizes ABCDE label color.
• 12345 Label Color: Customizes 12345 label color.
• Shift: Adjusts wave detection offset.

Conclusion

The Elliott Waves Indicator is a powerful trading strategy tool that identifies impulsive (12345) and corrective (ABC, ABCDE) waves in financial markets.

By plotting wave lines and labeling key reversal points on charts, it enables traders to analyze wave structures with precision and anticipate potential price reversals.

This indicator serves as an essential resource for those utilizing Elliott Wave Theory, offering clarity in trend analysis and enhancing decision-making for entries and exits.