The Elliot Oscillator Wave Forex Indicator is an oscillatory indicator that incorporates the waves. It was developed by Mr. Alex from Moldova.
Just as the name suggests, the Elliot oscillator – wave indicator combines a wave and the oscillator. Most of the rest of the oscillators have mainly bars that oscillates on either side of a central line. However for the Elliot oscillator wave indicator, there is an addition of waves inside which the oscillator oscillates in.
The Elliot oscillator wave indicator is displayed on a separate window below the main trading window. It is responsible for the display of blue and purple bars on either side of a zero line. The blue bars are formed on the upper side of the zero line while the purple bars are formed on the lower side of the zero line. In both cases, the bars starts to form from the zero line and grow on either of the direction depending on the market movement. The bars are the main part of the oscillator. The oscillation takes place when the bars oscillate or move on either side of the zero line.
Fig.1. The Elliot oscillator waves indicator on a chart.
The indicator also has a wave. The wave acts as a confirmation of the trend direction as indicated by the oscillator. The wave has two Elliot wave lines that are on either side of the oscillator. There is a line on the upper and lower side of the zero line. The wave widens and narrows according to the range of the market prices swings. If the range of the market swings are narrow, then the wave will also be narrow and the bars will then be very tiny. On the other hand, if the range of the market swings are very large, then the wave (the two Elliot wave lines on the upper and lower sides of the zero line) will be very wide and consequently the bars will be long also. The wave has a default short period of 5 and a long period of 35.
In case you look very closely, you will notice a yellow bar that appears on either sides of the oscillator. The appearance of the yellow bars is of very much significance. The yellow bar appears when the market prices are preparing to have a pull back. When the yellow bar appears the trader should be aware that the market will move some pips back before continuing with the general trend.
How to trade using the Elliot oscillator wave indicator.
The trader should place a SELL order when the purple bars starts to form. However, it is of paramount importance that you at least place a sell order after the second purple bar has formed.
For the BUY order, the trader should place it when the oscillator displays blue bars and after at least two bars have formed.
Example of placing trades using the Elliot oscillator wave indicator.
After placing your order, and it is gaining profits, you should close it if a yellow bar appears since the market will retrace.
Forex Indicators Download – Instructions
Elliot Oscillator Wave Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Elliot Oscillator Wave Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Elliot Oscillator Wave Forex Indicator.mq4?
- Download Elliot Oscillator Wave Forex Indicator.mq4
- Copy Elliot Oscillator Wave Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Elliot Oscillator Wave Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Elliot Oscillator Wave Forex Indicator.mq4 is available on your Chart
How to remove Elliot Oscillator Wave Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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