Innovative Forex Indicator Elliott Wave Prophet. It is intended, is not difficult to guess, for assistance in carrying out the wave analysis and can to some extent predict future price movement based on already generated waves. Apply Elliott Wave Prophet possible on all currency pairs and all time frames.
Characteristics of Elliott Wave Prophet Indicator
- Platform: Metatrader4
- Currency pairs: Any
- Trading Time: Around the clock
- Timeframe: Any
- Recommended broker: Alpari
In practice, traders applying wave analysis, face a number of problems. The main difficulty here is to determine the wave cycles and structures. In order to facilitate the work of the trader or the wave analyst developed a special indicator – Elliott Wave Prophet. Overestimate the ability of such instruments is clearly not worth it. On the other side, the wave indicators can be very useful in certain stages of the analysis.
Elliott Wave Prophet shows already formed waves on the chart. But these properties it is not limited. This indicator is also able to point out some guidelines for potential movements. This applies to both impulse and corrective waves. Elliott Wave Prophet can identify a specific wave cycle, signal the key levels.
To install the Elliott Wave Prophet need to copy the folder MQL4 in “Open Data Folder”. Restart MT4. Then select the chart and the menu Insert – Indicators – Custom select this indicator or use our template called Elliott Wave Prophet Indicator. After selecting the Elliott Wave Prophet settings window appears in which you can adjust some settings. DrawFirstLines – is the number of the first wave, which will build the display. Here are the color settings and mature and predictable waves.
If for some reasons the trader does not suit automatic construction of wave Elliott Wave Prophet, then he can always set the your own the initial conditions. To do this, simply drag the consistently in order of waves on those portions graphics, where a trader sees a clear structure. Then the indicator your own generate possible variant of price movement.
Conduct an analysis of the wave can be a variety of ways. One option might look like this: at the beginning of the trader makes its visual calculation of the wave structure, and then uses the wave indicators to compare. Thus, regardless of the level of training and experience of the wave analyst, Elliott Wave Prophet Indicator will always be a great help in the analysis of market dynamics.
For a better understanding, you can watch this video:
In the archives Elliott_Wave_Prophet.rar:
- Elliott Wave Prophet Indicator.tpl