Elliot oscillator
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
simple moving average (the default and how the original Elliot oscillator is calculated)
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.
