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Elliott Wave Count

The Elliotte Wave Count indicator accurately detects and plots the Elliott wave pattern on the MT4 chart.

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Description

The Elliott Wave Count Indicator is a technical system that automatically detects, counts, and plots the Elliott Wave. The Elliott wave trading system developed by Ralph N. Elliott is an approach that centers majorly on the impulsive and corrective waves pattern created by the price.

The Elliott Wave pattern is one of the best trading approaches for identifying bullish and bearish sentiments in the financial market.

Features of the Indicator

The Elliott Wave plots a series of zig-zag lines numbered 1, 2, 3, 4, and 5 waves. The interconnected line shows the impulsive and corrective waves, which shows the behavior of market participants.

Furthermore, the indicator comes with an inbuilt sound alert system designed to alert the user when the Elliott wave pattern is fully formed. Finally, this MetaTrader (MT4) indicator is flexible and can work on any time frame on the MT4 platform.

Benefits of the indicator

a) Automatically detects and plots the Elliotte Wave: The indicator plots and labels the Elliott waves accurately. Therefore, it is recommended for beginner forex traders, especially those having challenges in identifying the correct Elliott wave patterns. Besides, the indicator would also help advanced traders to quickly detect and trade the Elliott wave pattern.

b) Automated alert system: The sound alert system of the indicator can potentially reduce the screen time a trader would spend watching the market for the Elliott pattern.

c) Chart-friendly: The indicator does not clog the entire MT4 chart, which makes it convenient to use along with other MT4 technical indicators.

Indicator Settings Description

The indicator comes with the following customizable settings:

ExtDept: This shows the number of look-back bars.

ExtDeviation: This shows the deviation value for trend analysis.

ExtBackstep: This determines how the swing highs/low bars are identified.

SoundAlertMode: This enables/disables the sound alert system.

 

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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