Elliott Waves Indicator MT5 - Free Download

The Elliot Waves Indicator, utilizing the Elliott Wave Theory, performs wave counting of price movements.
This indicator is available on the MetaTrader 5 platform, enabling traders to identify impulsive and corrective waves within the Elliott Wave structure.
By analyzing price behavior, the Elliot Waves Indicator serves as a powerful trading strategy, detecting impulsive 12345 waves, combination patterns ABCDE, and corrective ABC waves, and visualizing them on the chart by drawing lines.

Elliott Waves Indicator Specifications

Below are the key features of the Elliott Waves Indicator.

Uptrend Example

On the USD/JPY 30-minute chart, the indicator identified an ABCDE pattern during a downtrend-to-uptrend reversal.

Traders can enter long positions after Wave E completes to capitalize on the bullish reversal.

Downtrend Example

On the USD/CAD 15-minute chart, the indicator detected an ABC corrective wave, signaling an impending bearish decline.

After Wave C completion, traders can enter short positions to profit from the downtrend.

Elliott Waves Indicator Settings

Customize the indicator with these settings:

• Long Depth: Adjusts sensitivity for long waves.
• Short Depth: Adjusts sensitivity for short waves.
• Show Lines: Toggles wave line visibility.
• 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 Elliot Waves Indicator is a specialized tool for technical analysis, designed for traders seeking to perform wave counting and identify Elliott Waves.
This indicator is capable of detecting Elliott Waves and facilitates easier identification of waves on the chart by drawing lines and displaying labels for 12345 points, ABCDE patterns, and corrective ABC waves.