Simplified Colored Elliott Wave Forex Metatrader 4 Indicator

The Simplified Colored Elliott Wave Forex Metatrader 4 indicator is built on the Elliott Wave principle and appears as a colored buy/sell technical oscillator on the chart.

Even if you don’t understand the Elliott Wave principle, you can still trade profitable with this indicator without any problem.

It appears in a separate MT4 trading window.

For scalping purposes, use the indicator during the London and US trading sessions.

Just load the Simplified Colored Elliott Wave indicator onto the Metatrader 4 chart and start trading with it in minutes.

Key Takeaways

  • Blue Elliott Wave trend bars represent a bullish trend.
  • Pale Violet Elliott Wave trend bars represent a bearish trend.
  • Easy to trade without prior Elliott Wave knowledge.
  • Utilize for scalping, day trading and swing trading.

Feel free to explore the Simplified Colored Elliott Wave indicator’s different parameters and settings to create your own personalized indicator setup.

Download This MT4 Forex Indicator Free

Download the “elliot-waves-oscillator.ex4” Metatrader 4 indicator

Indicator Example Chart (AUD/JPY M5 Chart Example)

Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.

Finding Buy and Sell Triggers With The Simplified Colored Elliott Wave MT4 Indicator

Buy Signal: Buy the currency pair when the first blue trend bar appears above the 0.00 horizontal level on the chart.

Place your stop loss below short-term support, or use your own favorite stop loss method.

Exit the buy position whenever the first pale violet trend bar appears on the chart, or use your own favorite take profit method.

Alternatively, exit the buy trade for a reward/risk ratio of 1.5 or better.

Sell Signal: Sell the currency pair when the first pale violet trend bar appears below the 0.00 horizontal level on the chart.

Place your stop loss above short-term resistance, or use your own favorite stop loss method.

Exit the sell position whenever the first blue trend bar appears on the chart, or use your own favorite take profit method.

Alternatively, exit the sell trade for a reward/risk ratio of 1.5 or better.

Download This Forex Indicator Now

Download the “elliot-waves-oscillator.ex4” MT4 indicator

Input Parameters

Short period, long period, levels style, alerts, colors, width, style.

More Info About This Indicator

Tradable Currency pairs: Any + other MT4 instruments.

Trading Platform: MT4

Time frames: M1, M5, M15, M30, H1, H4, D1, W1

Indicator Type: oscillator

Installation

Copy and paste the indicator in the MT4 indicators data folder.

Then restart the MT4 terminal and attach it to any chart.

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