The Elliott wave count indicator for MT4 is the best indicator to identify and count the waves. This visual representation enables the technical forex trader to excel in the Elliott wave trading strategy. Additionally, the wave count allows the trader to identify the BULLISH and BEARISH trends and the best BUY and SELL entry points.
The indicator is best suited for new and experienced forex traders as the indicator calculates the waves automatically. Advanced traders can use Fibonacci levels and additional indicators to confirm the trading signals. Additionally, the indicator is free to download and easy to install.
Elliott Wave Count Indicator For MT4 Trading Setup
The above EURUSD H4 chart displays the Elliott Wave Count Indicator for MT4.
In a BULLISH wave, the forex trader can enter a BUY position at the end of the second wave. The best stop loss for this technical trading forex strategy is the swing low of the first wave. On the other hand, the best profit targets for this trade are at the end of the third wave. Similarly, the fifth wave can be traded using the same trading strategy.
Oppositely, in a BEARISH wave, a SELL trade can be placed at the beginning of the third wave with a stop loss above the swing high of the first wave. Therefore, profit targets are at the end of the third wave for this trade.
This forex trading strategy uses the third and fifth waves to trade and ignores the other waves as they tend to be counter-trend. However, traders take a trade at the beginning of the third wave and hold the position until the end of the fifth wave.
Forex traders can trade the five-wave principle of Elliott waves in multiple ways. The waves high and low swing act as support and resistance. In other words, the beginning and endpoints of the waves act as support and resistance levels.
The Elliott wave count indicator for MT4 works well in all intraday time frames. As well as the higher time frame daily, weekly and monthly charts. Since Elliott waves are fractal, the indicator best suits multi timeframe (mtf) trading strategy. It is imperative to identify a higher chart timeframe wave, break it down to a lower time frame chart, and determine the best entry point.
The Elliott wave count indicator for Metatrader simplifies the wave count and helps the technical forex trader identify the best BUY and SELL entry points. However, forex traders should use price action to confirm the beginning and end of waves. Additionally, forex traders can download the indicator for free and easily install it.