elliot oscillator
Info
The elliot oscillator is a Indicator for MetaTrader 5 that simple moving average (the default and how the original elliot oscillator is calculated)exponential moving averagesmoothed moving averagelinear weighted moving averagecolors (and alerts) can be chosen from 3 types :on outer levels crosson middle level crosson slopealso the usual 22 types of prices (all price variations and their heiken eshi equivalents) and multi time framing are already built in. ps: levels are none of the standard levels.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use elliot oscillator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
simple moving average (the default and how the original elliot oscillator is calculated)exponential moving averagesmoothed moving averagelinear weighted moving averagecolors (and alerts) can be chosen from 3 types :on outer levels crosson middle level crosson slopealso the usual 22 types of prices (all price variations and their heiken eshi equivalents) and multi time framing are already built in.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: long-term trend trix oscillator for metatrader 5 - another powerful indicator for MetaTrader 5 traders.
simple moving average (the default and how the original elliot oscillator is calculated)
Also recommended: stochastic oscillator indicator for metatrader 5 - similar indicator with strong performance on MetaTrader 5.
exponential moving average
smoothed moving average
linear weighted moving average
colors (and alerts) can be chosen from 3 types :
on outer levels cross
on middle level cross
on slope
also the usual 22 types of prices (all price variations and their heiken eshi equivalents) and multi time framing are already built in.
ps: levels are none of the standard levels. this indicator uses discontinued ema to calculate levels and then the middle line is taken as an average of the two outer levels. that type of middle "zero" line gives earlier signals than the usual zero cross and, even in cases when ema is used for elliot oscillator, those levels are making it a completely different indicator from macd. so, there is no danger of using this the same as macd since they are not going to be the same.
You may also like: channel and stochastic oscillator - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.