The Elliott waves MT4 indicator applies the wave principle to the price volatility. The indicator differs from the classic Elliott wave indicators that plot the progressive and corrective waves on the price chart. However, the output of this indicator is an oscillator with -1.1 and 1.1. So, it is easy for forex traders to identify the bullish and bearish market condition visually.
Features of Elliott Waves MT4 Indicator
The indicator appears in a separate window and plots a blue oscillator line with a zero line and 1.1 and -1.1 at the extreme levels. In fact, the indicator resides only at two states: bullish and bearish mode.
If the indicator line moves to 1.1 level indicating a bullish more, traders should enter a buy trade. A secure method to place a stop loss is below the recent swing low of previous -1.1 levels. Conversely, traders can book profits at an opposite signal.
Similarly, traders can enter sell positions once the oscillator reaches -1.1 level and exit as mentioned in the above strategy.
Benefits of Elliott Waves MT4 Indicator
The indicator provides a simple and straight forward answer addressing the market trend. So, traders can decide easily to participate as buyer or sellers in the market. However, traders can add additional layers of technical analysis to further fortify their trading decisions.
The best entry point is to enter the markets as the indicator switches from -1.1 to 1.1. As a result, forex traders can easily identify the entry point and manage the trade as it progresses. The indicator is highly beneficial for new traders to identify entry and exit points, while advanced traders can trade in confluence with other indicators.
Furthermore, the indicator works well in all intraday price charts and is suitable for all types of traders.
Indicator Settings Description
Trigger: Increases the sensitivity.
Back_test: Number of previous history bars.
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