Elliott Wave Indicator

Elliott Wave Indicator Elliott wave patterns are the common geometric patterns used by Forex and stock market trading. In 1980s and 1990s, this technique was considered as rather complex trading strategy. However, as with the development of personal computer, we have many automated tools to detect Elliott Wave patterns. This means that this sophisticated trading strategy is accessible by average trader with the help of automated tools. The Wave Principle states that the crowd or social behavior follows a certain wave patterns repeating themselves. The Wave Principle identifies two wave patterns. They are impulse and corrective wave. Often, the term impulse wave is interchangeably used with the motive wave. Two terms are identical. Both motive and impulse wave progress during the main trend phase whereas the corrective wave progress during the corrective phase against the main trend. In general, the Impulse Wave has a five-wave structure, while the Corrective Wave has a three-wave structure. It is important to understand that these wave structures can override on smaller wave structure to form greater wave cycle. Elliott Wave theory is useful in identifying both trend market and correction market. Here is the landing page for Elliott Wave Indicator available in MetaTrader 4 and MetaTrader 5: The description about Elliott Wave can be found in the Book: Scientific Guide To Price Action and Pattern Trading (Wisdom of Trend, Cycle, and Fractal Wave) In addition, you can use the Book: Science Of Support, Resistance, Fibonacci Analysis and Harmonic Pattern to understand Elliott Wave and Harmonic Pattern.