Calculation of the 3-rd Elliott wave
Info
The Calculation of the 3-rd Elliott wave is a Script for MetaTrader 4 that presented is the script for the calculation of the third elliott wave based on the algorithm suggested by bill williams in his book "trading chaos". (Comment to the figure 7-15 in this book)This script uses the standard OBJ_EXPANSION object (Fibonacci extension)The red crosses mark the price for the ratio (price/time) where the "supposed" third wave "should" end.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Calculation of the 3-rd Elliott wave
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Presented is the script for the calculation of the third Elliott wave based on the algorithm suggested by Bill Williams in his book "Trading Chaos".
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: Euler - Euler number calculation - another powerful script for MetaTrader 4 traders.
Presented is the script for the calculation of the third Elliott wave based on the algorithm suggested by Bill Williams in his book "Trading Chaos".
Also recommended: Calculation of the number of lots by Anton Trefolev - similar script with strong performance on MetaTrader 4.
(Comment to the figure 7-15 in this book)This script uses the standard OBJ_EXPANSION object (Fibonacci extension)
The red crosses mark the price for the ratio (price/time) where the "supposed" third wave "should" end.
And more: for a more accurate calculation the script requires a "sufficient" number of bars in the first and second waves.
P.S. If you like this script, it might be possible to make another for the calculation of the fifth Elliott wave based on the formed third and fourth waves.
You may also like: Lot Size Calculation - excellent alternative for script users on MetaTrader 4.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.