The Elliott Wave Oscillator is a technical forex MT4 indicator based on Elliott Waves.
The indicator floats above and below its neutral zero level (0.00).
- Elliott Wave bars positioned above the zero level are considered bullish. In this case, we look for buy trade opportunities.
- Elliott Wave bars positioned below the zero level are considered bearish. In this case, we look for sell trade opportunities.
Don’t use this indicator on its own, instead, use it together with any trend trading indicator.
Examples of trend indicators that can be traded together with the Elliott Wave Oscillator include:
Simple moving average(s), Exponential moving averages, Bollinger Bands, ADX,…
Trade signals issued by the Elliott Wave Oscillator in the direction of the overall trend.
Overall trend upwards? Trade the positive Elliott Wave bars.
Overall trend downwards? Trade the negative Elliott Wave bars.
The EUR/USD 15-Minute chart below displays the Elliott Wave Oscillator Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Elliott Wave Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the Elliott Wave Oscillator bar crosses back above the zero level from below and the overall trend is bullish.
Sell Signal: Go short when the Elliott Wave Oscillator bar crosses back below the zero level from above and the overall trend is bearish.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Elliott Wave
Copy and paste the elliott-wave-oscillator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)