Elliott Wave MT4 Indicator - Free MT4 Indicator

Elliott Wave MT4 Indicator – Free MT4 Indicator

We are excited to share this powerful Indicator with you, the Elliott Wave MT4 Indicator. Before you download this indicator, be sure to read through our guide to be sure that you are applying the right way in your trading. The Elliott Wave theory is basically stating that the markets move in specific and predictable patterns, regardless of the markets and regardless of time. Elliott Waves can be confusing because there are no strict rules as many practitioners make them out to be and because of their subjective nature, using Elliott Waves may provide different results depending on the trader’s level of experience. One way to eliminate some of the subjective nature of Elliott Wave can be accomplished by using the Elliott Wave MT4 Indicator, which will automatically display for you the correct Elliott Wave count, which in the end can yield big profits.

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The Elliott Wave MT4 Indicator Settings

The Elliott Wave MT4 indicator can be customized based on your own needs. Going forward, we’re going to look at each of the inputs and give you a short explanation of what it means.

Elliott Wave MT4 Indicator SettingsElliott Wave MT4 Indicator Settings


  • ExtDepth= This input is designed to customize how far away would you like the indicator start displaying the Elliott Waves;
  • ExtDeviation= Deviation from ExDepth;
  • SoundAlertMode= 0 for sound to be deactivated and 1 for active sound alerts


Elliott Wave MT4 Indicator Trading Rules

The Elliott Wave MT4 indicator is not necessarily displaying the wave count, but what it does, it gives you a visual representation and it’s defining the Elliott Waves in a simple yet an effective way. This indicator will further improve the quality of your trading with Elliott Waves. The indicator can be adjusted for any time frames and in this regard no matter if you’re a day trader or swing trader the Elliott Wave MT4 indicator will allow you to detect the best and the most reliable Elliott Wave counts.

After selecting the appropriate settings for your own needs the Elliott Wave MT4 indicator will decode for you the current market dynamics and it will give you a clear representation of the Elliott Wave cycle, which is the best way to eliminate the element of human error.

Going forward, we’re going to present you with a simple Forex strategy based on the Elliott Wave MT4 indicator in combination with the Fibonacci retracement. The idea behind this strategy is quite simple as all you have to do is patiently waiting for the Elliott Wave MT4 indicator to display a clear five-wave move and by using the Fibonacci retracement it will help you to better time the market.

Elliott Wave MT4 Indicator Trading RulesElliott Wave MT4 Indicator Trading Rules

The Elliott Wave MT4 Indicator Trading Rules:

  • Wait for a clear five-wave cycle to be displayed on your chart;
  • Long/Short entry at 61.8% Fibonacci retracement of the leg started from the wave 5;
  • Stop Loss will always be above/below wave five;
  • Take Profit above/below the preceding swing low/high after the wave 5;

Time Frames
Technically speaking, you can use this indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.

With the right application and practice (on your MT4 demo account first of course!) you should be able to master this strategy and indicator in no time. The reason why this strategy works is because based on the Elliott Wave principles after a five wave sequence we should get a three waves pull back and we’re looking to catch that last big swing which is of high probability.

Elliot Wave MT4 Indicator Download

We have provided this indicator to you at no cost. We humbly request for your help to spread the word by sharing on one of the social platforms below. To unlock the download link, you just need to share this page to help us achieve our goal of helping more traders out there.

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Leave us a comment below to let us know your thoughts on this indicator. If you like this indicator, you might like see other indicators that we have carefully selected that will help you in your trading journey.

Visit our Free MT4 Indicator Download page. And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full auto-pilot.

We highly recommend this powerful MT4 Expert Advisor.

We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership.

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