Traders familiar with Elliot Waves know there are a few elements that need to be determined before executing a trade. This indicator is developed with the idea to trade towards the 5th Elliot Wave in conjunction with other indicators, as a part of the “Trade The Fifth” swing strategy. This is a commercialized product also published in the MQL5 market for the MetaTrader 4 platform. Other platforms are supported but on the owner’s website. The developer is Paul Bratby from Spain who is the presenter of this swing strategy using Elliot Waves, publishing one more product related to this group strategy ideas. The first version is published on 13th December 2019 and has never been updated to date. Elliot Wave Indicator belongs to the paid category but it is not available to buy, this is a subscription-based service with several options.
The author has not described this system, although there is a video on how to trade and about some of the system components’ roles. However, it is not enough for you to start away with trading and there is no guide. You will need to acquaint yourself with the Elliot Wave theory trading, or, if you are familiar, you will need to understand how the oscillators, zones, and Moving Averages are used. All these additional indicators are integrated into this product. For all the info you will probably need to dig the internet or subscribe to the service. We have a feeling the Overview page is deliberately devoid of any guidance to push for the sales.
Swing trading based on fractals, patterns, and Moving Averages is the core of this indicator-system. The features presented are also pointing out to some reversal and Price Action trading elements, such as the Pull Back Zones, and concentrated price levels. Elliot Wave Indicator has automatic Elliot Wave counting, meaning a trader will not have a subjective interpretation as the indicator automatically recognizes and plots the count. Elliot Wave theory is highly subjective, the waves can be smaller to some and bigger to others, it is a matter of perspective, hence even two traders use the same strategy, the results can be very different. This indicator removes this factor and will be the same. Pull Back zones are the reversal elements of this system using unknown formulas to plot them on the chart. They are colored probably relative to the probability calculations.
The oscillators are customized with additional markings that signal important trading conditions according to which traders may see false breakouts or the right setup to entry and even exit. For example, the Stochastic oscillator has yellow dots in the extreme value range that indicate a strong momentum of the trend and a real breakout. One more oscillator is implemented for confirmation called 5-35 Oscillator. As for the Moving Averages, it is not disclosed what are the settings for these MAs, although based on the screenshots they are forming a narrow channel and have the trend baseline function. This channel does not cover the price tops and bottom levels, it acts just as the ranging filter and trend confirmation.
The video is well narrated and explains a bit about the logic of the strategy but teases by not disclosing enough information to comfortably apply the system. Training is mentioned where you could learn more, of course, if you subscribe to the service. It is difficult to assess how successful this system is, the author does not have a signal offered on the MQL5 with this system or their website where we could confirm the performance. Still, the system does not rely only on the Elliot Waves, it is combining other indicators and, additionally, the Take Profit and Stop Loss levels. These levels are set according to the Target Zone plotted on the chart and tops of the MA channel, for example. Where exactly they are put is not disclosed, but experienced traders can effectively find the right for them regardless.
Users that subscribe to the service will receive additional support, videos, webinars, and the 3 hour Bootcamp where the system is presented fully. The price can be an issue to some as the 1-year subscription is $499. There is no option to buy permanently. Optionally, you can rent for 1 month costing $55, 3 months for $159, and 6 months for $299. There are no reviews still, although the product is relatively new on the scene. A demo is offered and has been downloaded 56 times to date, showing low popularity.
The Comments section is empty. Overall, the Elliot Wave Indicator system is specialized for the followers of the Trade The Fifth group, which may play a major role in why the system is not known on the scene. It is also expensive without any proof of results the group is having. Advanced traders usually do not seek complete trading systems. Elliot Wave strategies follow the concept but it is best to structurally find the right indicators and build your own.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/44034