The Nelly Elliott Wave Indicator MT4 is a MetaTrader 4 pattern indicator designed to identify and plot Elliott Wave patterns directly on the main chart. The Elliott Wave Theory in technical analysis was first developed by Ralph Nelson Elliott in the 1930s. Based on theory market prices move in a repeating pattern of five impulsive waves followed by three corrective waves. A trading strategy using the Elliott Wave Theory aims to profit from the main trend during the five-wave impulse and spot entry or exit points during the three-wave correction. This indicator plots Elliott waves based on quarter-daily, daily, weekly, and monthly periods, providing clear visual cues for the potential formation of corrective waves. Additionally, it pinpoints the swing points for each wave and period marked by colored dots on the chart. This indicator is an essential tool for traders using the Elliott Wave theory in their technical analysis.
This indicator is suitable for traders of all skill levels and across all time frames. Its versatility extends to trading multiple currency pairs within any forex trading system or strategy to identify the Elliot wave pattern.
Indicator Settings
How to Install Nelly Elliott Wave Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
