Elliott Wave application TradingView below MT4 article. 

Submit by Janus Trader

Dedicated to all those who follow Elliott Wave on Forex Strategies Resources.

Elliott Wave trading strategy is an application MT4 for pratical trading.

In composing this system we wanted to simplify the approach to make it usable and to make it clear that the wave theory is not as complex as it seems, but it helps to have a mentality of movement that helps to understand the fluctuations of the markets.

In this system the relationship between the Elliott waves and the golden ratios of the Fibonacci numbers is not addressed, this thing comes later when the logic of the Elliott waves is understood and applied in the reading of the markets.

Currency pairs: Any

Time Frame H1 or higher.

Metatrader 4 indicators setup

MT4 good trade;

W.A Explosion

Awesome oscillator

3 level ZZ semafor

Simple Moving average 13 period, median.

Trading rules Elliott Wave application MT4

I state this is an aggressive approach and some false signals can happen, but overall it is a good trading system.

When the number of a wave appears, you see the correspondence with 3 ZZ level semafor to get an idea of the movement if it coincides with yellow squares it can be greater if it coincides with purple squares the movement can be less.

The Awesome is for reading major movements greater than zero for major wave up, less than zero major wave down.

Buy

Price above moving average 13 period.

Bar of the WA Expolsion indicator greater than its moving average.

Sell

Price below moving average 13 period.

Bar of the WA Expolsion indicator less than its moving average.

Exit position

The stop loss is placed above or below the previous swing.

The profit can be calculated with 61% of the previous movement, when WA Explosion changes direction or with a stop loss ratio of 1: 1.3

Trading examples

in the picture 1 AUDUSD H1

There are 6 trades, five wins and one loss, (not bad).

In picture AUDUSD 4H we have 7 trades 7 very clear wins.

EUR / USD H1 5 trades 4 win 1 loss.

My advice is to trade when the numbers coincide with the yellow squares.

In the pictures Elliott Wave application MT4.

Dimitri 2026

The Elliott Wave v2 indicator by Adrik01 represents a sophisticated evolution of classical Elliott Wave analysis, transforming subjective pattern recognition into an automated, rules-based trading system for TradingView. Built on the foundational principles outlined in Frost and Prechter's Elliott Wave Principle and Constance Brown's Mastering EWP, this Pine Script indicator identifies thirteen different wave patterns while incorporating modern momentum filters and risk management tools. Unlike traditional Elliott Wave indicators that simply label waves, the version 2 release adds critical layers of confirmation. These additions include MACD histogram momentum validation, RSI overbought and oversold filters, ATR-based dynamic stop losses, optional volume spike confirmation, and a momentum speed indicator that classifies market acceleration. The script automatically detects three timeframes simultaneously by analyzing major, sub, and micro waves, providing a comprehensive view of market structure across different degrees.

Trading Rules

The indicator validates patterns against strict Elliott Wave rules to ensure structural integrity. For impulse waves, it enforces the core principles that wave two must not retrace more than one hundred percent of wave one, wave three must not be the shortest of waves one, three, and five, and wave four must not enter the price territory of wave one. The script assigns a score to each pattern based on these rules and Fibonacci guidelines. Patterns scoring below the minimum threshold are hidden from the chart, while high-quality setups are highlighted to help traders focus on the most reliable formations.

The system generates three primary types of entry signals, each accompanied by complete risk and reward calculations.

The first is the wave two to wave three entry, which triggers at the end of wave two with a take profit target set at one point six one eight times the length of wave one.

The second is the wave four to wave five entry, which triggers at the end of wave four and targets a move equal to the length of wave one.

The third is the wave five reversal entry, a counter-trend signal that triggers after a completed five-wave impulse, targeting the previous wave four area. All entry signals are filtered by the optional MACD, RSI, and volume settings to ensure momentum aligns with the trade direction.

Beyond impulses, the script identifies corrective structures such as zigzags, flats, expanded flats, and triangles. For zigzags, the entry occurs at the end of wave B, targeting a wave C that is one point six one eight times wave A. Triangles are identified by alternating, contracting, or expanding swings, with entries triggered after the completion of wave E, targeting a thrust move equal to the widest part of the triangle.

Risk management is deeply integrated into the script to protect capital. Every entry signal includes a calculated stop loss, which can be set dynamically using the Average True Range multiplier or classically based on the invalidation level of the pattern. The script also draws explicit invalidation lines on the chart. If the price crosses these lines, the wave count is considered invalid, and traders should exit immediately. Furthermore, the momentum speed filter helps traders avoid entering during slow, directionless markets by categorizing acceleration into extreme, fast, normal, and slow tiers based on the rate of change of the moving averages.

Conclusions

The Elliott Wave v2 indicator transforms subjective wave counting into a systematic trading approach by combining structural analysis with momentum and volatility filters. Its primary strength lies in its objectivity and built-in risk management, ensuring that every trade idea has a predefined stop loss and take profit level. However, traders must remember that no indicator is infallible. Like all pivot-based tools, wave labels can shift as new pivots form, and the system inherently lags because it requires completed waves to confirm patterns. To achieve optimal results, traders should focus on high-scoring patterns, respect the overall trend indicated by the moving averages, and never risk more than a small percentage of their account on a single trade. When used as a decision-support tool alongside traditional price action analysis, the Elliott Wave v2 indicator provides a robust framework for capturing high-probability market moves.