Elliott Waves Indicator doesn’t draw the Elliott waves, but it helps you to define them if you understand elliott waves theory.

1. The WAVE. The first, you should draw any trend line using Fractals and define its name it in the following form : “1*****”, for exampe: “1 wave”. After the first tick, or if you don’t want to wait for it, update it using the right mouse button you will get the picture like this:

The dotted line with rectange shows the estimated price movement, and if the wave has been defined correctly, the price will came into the estimated rectange. V is the average volume in the 1st wave.

After that, we are waiting for the lower fractal and rename the dotted line to “2 wave” (note that the number and space after it are important). Now moving the end of that line on the next formed fractal (lower) and we will get the estimated price movement in the 3rd wave:

(if you have moved the line to the bar without fractal, the indicator will inform you about it and will try to move the line by its own vision. If the line hasn’t been moved by the indicator, you should move it on the fractal manually)

After the price will reach rectangle (in our case we have the movement, the price moved upper than the estimated target), you should rename the dotted line to “3 wave” and remove it to the upper fractal. The result you will see looks as follows:

The indicator informs us, that the average volume in the 3rd wave is always larger, than in the 1st wave. So it’s possible that our wave definition was wrong.

But anyway, we have reached the target estimated and we can continue.

After the price will reach the estimated target and after the next fractal formation we rename the dotted line to “4 wave” and remove its end on the fractal:

Further, we should wait for the upper fractal in the target estimated and draw the “a b c” retracement. Read the book “Trade Chaos” by Bill Williams for the details.

Recommendations:

The indicator “Fractals.mq4″ (it also attached here) helps to draw of the first line. Don’t place orders right after the fractal, its better to wait for the price movement in the directon estimated. Of course in such case the profit will be less, but the risk will be the same. I recommend to place Stop Loss as adviced by Bill Williams.

Trendline Price Alert MT4 Indicator

Description: This indicator will draw two trendlines on the chart upon which it is placed.

The trendlines, which may be moved around, act as upper and lower alert levels. When the mid-price crosses either level the warning alert will be triggered.

Instructions: Choose the symbol you’re interested in and display it in a chart window at the appropriate timeframe. Load PriceAlert Indicator and optionally choose desired colour for each trendline. Reposition the trendlines to the level at which you wish to be notified should the mid-price get there. Remember to have your speakers on!

MMR (MA, RSI and MACD) is really simple and powerful indicator. Those three indicator gives you a lot of useful information, when you connect all them in only one, things are really simple.

You can use MMR as strategy. Enter when red or green bar appears and Exit when main line crosses zero line. Don’t expect miracle, you should understand price action and other important stuff if you going to earn serious money.