What is Elliott Wave?
Elliott Wave connects swing highs and lows with several ZigZag layers and labels the chart with wave counts such as (1)–(5) and (a)–(c). Red, blue, and white lines use different lengths, allowing small fluctuations and larger structural swings to be viewed together.
The indicator is best treated as a visual mapping assistant. It helps you organize where a move may have started and ended, but it does not confirm that a wave count is final.
How to use Elliott Wave
Follow the shortest line for recent movement, then compare it with the medium and long layers. A short-term reversal against an intact larger swing may simply be a pullback; a break across several layers can indicate a broader structural change.
Wave labels can move when price forms a new high or low, so never use the number alone as an entry. Combine it with prior swing points, trendlines, Fibonacci levels, and candle confirmation. Optional horizontal levels can help identify areas where a wave may pause or complete.
Where it helps
Three independently configured ZigZag layers separate local noise from larger structure.
Labels provide a starting point before performing your own Elliott Wave analysis.
Four configurable levels can be viewed alongside the mapped swing points.
Best Settings & MT4 Parameters for Elliott Wave
- Candles to calculate
- Limits the number of bars used; the example uses 4,000.
- High Source / Low Source
- Selects the price fields used to detect swing extremes.
- Show 1–3
- Individually enables each ZigZag layer.
- Length 1 / 2 / 3
- Controls swing sensitivity; the example uses 4, 8, and 16.
- Color 1 / 2 / 3
- Sets the visual identity of each layer.
- Distance multiplier for labels
- Moves labels away from candles when they overlap.
- Level 1–4
- Sets the optional Fibonacci values; 0.5, 0.618, 0.764, and 0.854 are shown.
- Alert settings
- Controls popup, sound, email, push, and candle-close behavior.
How to Install .ex4 Indicator in MetaTrader 4
- Download the ZIP file and extract it.
- In MT4, select File → Open Data Folder.
- Open MQL4 → Indicators and copy the EX4 or MQ4 file into it.
- If the package includes library files, copy them to MQL4 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT4, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
