Elliott Wave Easy Counter Script
Info
The Elliott Wave Easy Counter Script is a Script for MetaTrader 4 that this simple script enables you to perform basic elliott wave counts in metatrader 4 through a user-friendly drag-and-drop interface. The script automatically tracks the current wave, eliminating the need for manual text objects.
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 Elliott Wave Easy Counter Script
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
This simple script enables you to perform basic Elliott Wave counts in MetaTrader 4 through a user-friendly drag-and-drop interface.
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: fibo wave expert advisor - another powerful script for MetaTrader 4 traders.
This simple script enables you to perform basic Elliott Wave counts in MetaTrader 4 through a user-friendly drag-and-drop interface. The script automatically tracks the current wave, eliminating the need for manual text objects.Also recommended: Elliot Waves Labels - similar script with strong performance on MetaTrader 4.
Features:
- Drag and drop functionality for marking chart locations.
- Supports simple motive wave (1-2-3-4-5) and corrective wave (a-b-c) counting.
- Capable of tracking virtually unlimited cycles.
Parameters and Usage:
This script lacks external user parameters, and adjustments must be made within the source file for seamless wave counting. To customize the script, follow these steps:
- Place elliottwaveeasycounterscript.mq4 in the 'scripts' folder, alongside the ex4 file.
- Put elliottwavelabel.mqh in the 'include' folder.
Available parameters include:
- num_waves [default: 8] - Determines the number of waves per cycle. Elliott waves typically consist of 8 waves (5 in the dominant trend and 3 in the corrective trend). Customize this setting to suit your style or separate dominant and corrective wave counts. Valid values are positive integers.
- text_color [default: red] - Wave label color. Refer to MQL4 documentation on Color and ColorConstants for valid values.
- font_size [default: 14] - Wave label font size. Valid values are positive integers.
- font [default: Arial] - Wave label font family.
- label_type [default: letter] - Specifies the labeling system for waves (numbers, letters, or Roman numerals). With numbers, labels increment until num_waves labels are reached, then reset to 1. Letters cycle through the alphabet, and if num_waves exceeds 26, the script uses double and triple letters (aa, bb, etc.) until num_waves labels are reached, then resets to a. Valid values: numeric, letter, roman.
- obj_prefix [default: wavecounter_] - Object name prefix for convenient object management. Change this if it conflicts with other programs using the same prefix.
After modifying parameters, remember to compile the script. For separate dominant and corrective trend wave counts, consider saving the script with different names and parameters using the 'Save As' option in the source file.
You may also like: the wave marker script set - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "3.1"
#property strict
#include <elliottwavelabel.mqh>
/* num_waves: number of waves per cycle.
* typically, this is 8 (5 for motive waves, 3 for corrective waves),
* but it can be whatever you want. */
#define num_waves 8.......
⚠ 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.