Best elliot wave mt4 trend indicator - elliott wave lives on theory elliotwave

Best elliot wave mt4 trend indicator - elliott wave lives on theory elliotwave This indicator has an extreme importance, it works on e... thumbnail 1 summary

Best elliot wave mt4 trend indicator - elliott wave lives on theory elliotwave


This indicator has an extreme importance, it works on elliott wave principle,  it can give signals to buy or sell using an innovative concept that allows you to filter  waves and detect the end of a downtrend or uptrend. Its design is quite different of classical Elliott waves because it gives three signals for making decision in the market at any time.

 This Elliott Waves lives on indicator gives 3 signals in 3 colors:
1. (3) yellow color (big wave)
2. (2) of purple color (middle wave)
3. (1) of brown color (small wave)

 As you see in the chart above (EUR/USD 1 hour in MT4), this indicator gives three types of color signals (3: yellow), (2: purple), (1: brown).
The most important information of this indicator is that it always gives us an indication of the market downturn in 3 signals (3,2,1) corresponding to three waves. The explanation remain in the fact that the buying or selling signals given by (2) is generally within the buying or selling signals given by (3). The same thing is true for the signal (1) which gives buying and selling positions inside the buying or selling signals given by (3).
In order to use effectively this indicator, you should know that in each time when the indicator shows (1), or (2), or (3), it means that at this moment the probability of flipping in the market is 85% . The dynamic nature of this indicator make signals (1),  (2), (3)moving if the price breaks their first value.
HOW TO USE THIS INDICATOR? 
Steps to take a position and close position using this indicator

 
  • Set time frame on how you work
  • To take position in buying or selling, you should let the signal (3) be stabilized and make a position on the second candle following its stabilization. The same for the signal (2) and (1).
  • Profits given by the signal (3) are higher than the profits given by the signal (2)
  • Profits given by the signal (2) are higher than the profits given by the signal (1)
  • Depending on the market and the time frame, the signals (2) and (1) are effective in scalping strategy.
  • When you take a position using the signal (3), you take your profit to the first appearence of a new signal (1) or waiting for (2) or  (3) . 
  • When you take a position using signal (2), and then the indicator shows the signal (1)  you can close on it or waiting for signal (2) or  (3) , you close immediately your position and you take your profits at this level.
  • When you take a position using signal (1), you close it in the first appearance of signal (1) or (2) or (3)
EXAMPLES OF TRADE SETUPS






https://www.mql5.com/en/code/download/9372

4 comments

  1. https://www.mql5.com/en/signals/author/bijuarayankavu

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  2. Does this indicator repaint?

    ReplyDelete
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