List of indicators for metatrader 4 inspired at the theory of Elliott wave. The popular indicators in this list are: This technique is known as Neely Method and it is a more objective approach to market wave analysis. The basic unit in this theory is called a Monowave and it is simply the movement of the price until it changes direction.

Free download of the '3_Level_ZZ_Semafor ' indicator by 'asystem' for MetaTrader 4 in the MQL5 Code Base

Monowaves can be identified by plotting the high and low prices for a chosen period according to the order of appearance on beginning and the center of the time slot. There are many levels for this concept and they have different names such as: Monowave, PolyWave, Multiwave, and Macrowave. The indicator plots various levels of Monowaves on the various timeframes.

The beginning and the ending of each monowave is marked by a dot or a small circle. There are four level plotted in four colors: Indicator for Metatrader 4 that places semaphore points on the maximum and minimum of a higher, medium and lower period. The basis of the zigzag. Last semaphore always moves together with by the price until then will not be fixed yet rules: Level of the price.

Yet will not break through levels of first or second previous semaphores acoording time. If the last semaphore long time is between two previous, through a time interval, there will be its fixing.

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Elliott Metatrader Wave Indicator.

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