Overview of the Elliot-Wave Indicator
The Elliot-Wave indicator for MT4 is a technical tool that identifies wave structures on a chart based on ZigZag logic. It helps traders analyze potential Elliott Wave patterns by marking swing highs and lows in a wave-like structure. This simplifies visual analysis of market cycles without manually drawing waves.
By adjusting depth, deviation, and backstep, users can fine-tune the indicator to match different market conditions or personal trading preferences. Alerts can also be enabled to notify traders when new waves form.
How to Use It in Practice
In live trading, you can use the Elliot-Wave indicator to:
- Visually identify swing points for potential Elliott Wave counting.
- Combine with Fibonacci tools for wave projection or retracement levels.
- Receive alerts when significant new highs or lows are detected in the wave structure.
- Use the wave lines as a dynamic guide for support, resistance, and trend direction.
This indicator is suitable for traders who follow Elliott Wave theory or those who simply want a cleaner view of market swings and wave formations.
Parameter Explanations
ExtDepth
Defines the minimum number of bars between local highs and lows. A higher value filters out minor swings and shows major wave points only.
ExtDeviation
Sets the minimum price difference required to consider a new high or low. Controls the sensitivity of the wave detection.
ExtBackstep
Determines how far back the indicator looks to confirm swing points. Helps eliminate false signals by checking previous bars.
SoundAlertMode
Enables sound alerts when a new swing high or low is detected. Useful for monitoring without needing to watch the screen constantly.
