Elliot wave forex indicator mt4 is one of the best wave chart pattern analysis forex indicators put there, and this forex indicator is known to have a perfect winning percentage.
It not only gives us past and current waves but can also be used to predict the shape of waves in the future.
Elliott wave prophet mt4 forex indicator working:
This indicator works by analyzing past data and drawing a wave on it. After analyzing the past data, it plots the wave extension to predict future prices. The Elliot wave prophet theory effectively predicts markets where new media and politics significantly influence.
Elliot wave indicator for mt4 uses the Fibonacci number to predict the future levels of the wave.
Forex Indicator Settings:
The Elliott Wave Prophet indicator settings are pretty simple and have the following parameters:
The settings of the Elliot Wave Prophet forex indicator are very straightforward. We can change the following parameters when we go into the indicator settings.
DrawFirstLines: Let’s change the number of waves formed by the Elliot wave forex indicator on past data using Fibonacci numbers.
PaintedColor: This lets us change the color of fixed waves.
ProphetColor: This lets us change the indicator color of the future prediction waves.
Elliott wave prophet mt4 forex indicator Signals:
The Elliot wave indicator has a built-in setup through which it plots or extends the lines of a current wave in the future. Using the prediction levels of that line, we can put our stop loss and take prophet.
The Elliot wave prophet indicator is undoubtedly handy, especially for beginners. But it would help if you remembered that it uses Fibonacci numbers to get its wave targets and Fibonacci levels are not always valid. But, if you use it with Reversal indicator mt4, the probability of getting a winning signal increases.