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Elliott Wave Indicator Set
I have started looking into trading the elliott wave however i would like an indicator set for MT4.
Here is some formulas that i found on another site:
I am hoping somebody could help me to add some Elliot Wave indicators to my MT studies.
1. Elliot Wave oscillator (EWO)
Parameters: hasn’t parameter.
Calculation: EWO (i) = MVA((high + low) / 2, 5) - MVA((high + low) / 2,
35).
2. Elliot Wave trend (EWTREND)
Parameters: N - number of periods, TR - trigger.
Calculation: EWTREND (i) = f (last(i), high(i), low(i), TR), where f is
logical expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).
3. Elliot Wave number (EWN)
Parameters: N - number of periods, TR - trigger.
Calculation: EWN (i) = f (last(i), high(i), low(i), TR), where f is
logical expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).
There are three indicator sets and the trading rules are as follows:
Long when:
1. EWN is a 'new' 3 or 5
2. EWTrend is a 0 or 1
3. EWO is positive
These 3 things must happen simultaneously
Short when:
1.EWN is a 'new' 4
2.EWTrend is a 0 or -1
3.EWO is negative
These 3 things must happen simultaneously
Exit when:
1.EWO goes from - to + or from + to -
This should work in any time frame : 15 mins seem to work very well, but try other ones e.g. 5 mins and 1 hr.
Thanx for any and all help,
Graham
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