What is Elliot-Wave Indicator?
Elliot Wave for MT4 marks swing highs and lows using ZigZag-style structure and connects them in a wave-like display. The result gives the chart a visible reference for reviewing market cycles and swing relationships.
ExtDepth, ExtDeviation, and ExtBackstep control which swings are shown, while SoundAlertMode controls optional notifications for new swing points. The displayed structure can be compared with Fibonacci tools and other chart levels.
How to Use It in Practice
Elliot-Wave draws a five-wave sequence from ZigZag swings, but it is only an automatic starting view rather than a complete Elliott-wave count.
- Read the numbered ZigZag connections after the larger wave segment has been determined; the automatic first wave can be drawn in an unconvincing location.
- Use ExDepth for the minimum updated price range, ExDeviation for the required proportional swing change, and ExBackstep for the minimum separation period.
- Do not expect an ABC correction count from this display, because it is not drawn.
Swing structure is drawn automatically, the detection sensitivity is configurable, and optional sound alerts can notify you when the displayed structure changes.
MT4 Indicator Parameters
The screenshot above shows the default input parameters in the MT4 settings window.
| Parameter | Description |
|---|---|
| ExtDepth | Defines the minimum number of bars between local highs and lows. A higher value filters out minor swings and shows major wave points only. |
| ExtDeviation | Sets the minimum price difference required to consider a new high or low. Controls the sensitivity of the wave detection. |
| ExtBackstep | Determines how far back the indicator looks to confirm swing points. |
| SoundAlertMode | Enables sound alerts when a new swing high or low is detected. Useful for monitoring without needing to watch the screen constantly. |
