• Home
  • About
  • Contact

Forexobroker

Download Our Forex Strategies and Indicators

  • Strategies
  • Articles
  • Dom’s Forex Course
  • Metatrader 4 Indicators
    • Free Metatrader Indicators
    • Paid Metatrader Indicators
  • Metatrader 4 Systems
    • Free Metatrader Systems
    • Paid Metatrader Systems
  • EA’s
    • Paid Expert Advisors
  • Forex Brokers

Elliot Oscillator Wave Indicator

July 15, 2015 by Dominic Walsh Leave a Comment

The Elliot oscillator wave indicator is an oscillatory indicator that incorporates the waves. It was developed by Mr. Alex from Moldova. When downloading it, you can download either the Elliot oscillator – wave.rar or the Elliot oscillator – waves 1.02. mq4.

Just as the name suggests, the Elliot oscillator – wave indicator combines a wave and the oscillator. Most of the rest of the oscillators have mainly bars that oscillates on either side of a central line. However for the Elliot oscillator – wave indicator, there is an addition of waves inside which the oscillator oscillates in.

The Elliot oscillator wave indicator is displayed on a separate window below the main trading window. It is responsible for the display of blue and purple bars on either side of a zero line. The blue bars are formed on the upper side of the zero line while the purple bars are formed on the lower side of the zero line. In both cases, the bars starts to form from the zero line and grow on either of the direction depending on the market movement. The bars are the main part of the oscillator. The oscillation takes place when the bars oscillate or move on either side of the zero line.

Elliot Oscillator Wave Indicator

Fig.1. The Elliot oscillator waves imdicator on a chart.

The indicator also has a wave. The wave acts as a confirmation of the trend direction as indicated by the oscillator. The wave has two Elliot wave lines that are on either side of the oscillator. There is a line on the upper and lower side of the zero line. The wave widens and narrows according to the range of the market prices swings. If the range of the market swings are narrow, then the wave will also be narrow and the bars will then be very tiny. On the other hand, if the range of the market swings are very large, then the wave (the two Elliot wave lines on the upper and lower sides of the zero line) will be very wide and consequently the bars will be long also. The wave has a default short period of 5 and a long period of 35.

In case you look very closely, you will notice a yellow bar that appears on either sides of the oscillator. The appearance of the yellow bars is of very much significance. The yellow bar appears when the market prices are preparing to have a pull back. When the yellow bar appears the trader should be aware that the market will move some pips back before continuing with the general trend.

How to trade using the Elliot oscillator wave indicator.

The trader should place a SELL order when the purple bars starts to form. However, it is of paramount importance that you at least place a sell order after the second purple bar has formed.

For the BUY order, the trader should place it when the oscillator displays blue bars and after at least two bars have formed.

Example of placing trades using the Elliot oscillator wave indicator.

Elliot oscillator wave indicator

After placing your order, and it is gaining profits, you should close it if a yellow bar appears since the market will retrace.

Open demo account to test this system.

Download Free Forex Elliot Oscillator Wave Indicator

Elliot Oscillator Wave Indicator

Filed Under: Free Metatrader Indicators Tagged With: oscillator indicator

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
Forexobroker

Archives

  • June 2022 (4)
  • May 2022 (9)
  • April 2022 (5)
  • March 2022 (7)
  • February 2022 (7)
  • January 2022 (7)
  • December 2021 (1)
  • November 2021 (4)
  • October 2021 (3)
  • September 2021 (4)
  • August 2021 (2)
  • July 2021 (1)
  • June 2020 (7)
  • May 2020 (7)
  • April 2020 (9)
  • March 2020 (7)
  • February 2020 (10)
  • January 2020 (3)
  • November 2019 (1)
  • September 2019 (3)
  • August 2019 (3)
  • June 2019 (1)
  • December 2018 (1)
  • November 2018 (4)
  • October 2018 (9)
  • September 2018 (14)
  • August 2018 (5)
  • July 2018 (8)
  • June 2018 (3)
  • May 2018 (9)
  • April 2018 (3)
  • March 2018 (10)
  • February 2018 (9)
  • January 2018 (13)
  • December 2017 (12)
  • November 2017 (14)
  • October 2017 (3)
  • September 2017 (3)
  • August 2017 (13)
  • July 2017 (25)
  • June 2017 (21)
  • May 2017 (20)
  • April 2017 (21)
  • March 2017 (15)
  • February 2017 (16)
  • January 2017 (18)
  • December 2016 (11)
  • November 2016 (21)
  • October 2016 (63)
  • September 2016 (24)
  • August 2016 (22)
  • July 2016 (16)
  • June 2016 (16)
  • May 2016 (16)
  • April 2016 (23)
  • March 2016 (29)
  • February 2016 (22)
  • January 2016 (22)
  • December 2015 (29)
  • November 2015 (28)
  • October 2015 (30)
  • September 2015 (41)
  • August 2015 (52)
  • July 2015 (47)
  • June 2015 (55)
  • May 2015 (50)
  • April 2015 (58)
  • March 2015 (22)

  • Home
  • About
  • Contact

Categories

  • Strategies
  • Articles
  • Dom’s Forex Course
  • Metatrader 4 Indicators
    • Free Metatrader Indicators
    • Paid Metatrader Indicators
  • Metatrader 4 Systems
    • Free Metatrader Systems
    • Paid Metatrader Systems
  • EA’s
    • Paid Expert Advisors
  • Forex Brokers

Visit Our Forex Strategies And Forex Indicators Below:

Forex Trading Strategies

Free Forex Indicators

Paid Forex Indicators

Paid Forex Strategies

“Our order process is conducted by our online reseller Paddle.com. Paddle.com is the Merchant of Record for all our orders. Paddle provides all customer service inquiries and handles returns.”

© 2015-2022 Forexobroker

Copyright © 2022 · Magazine Pro Theme on Genesis Framework · WordPress · Log in