Elliott Wave Oscillator Indicator
MT4 Oscillator TradingFree DownloadThe Elliott Wave Oscillator indicator technically is the difference between a 5-period and 35-period simple moving average (SMA) based on the close of each candlestick.
It’s helpful in determining where an Elliott wave ends and a new one starts. In other words, determining when the market price movement changes its direction (a reversal point) to form an Elliott wave. It is achieved by presenting EWO values in the form of a histogram’s bars.
Additionally, it will place Elliot Waves legs directly on the chart.
Simplified methods to read EWO are the following:
Positive EWO value
- 1) Strengthening trend OR
- 2) Weakening downtrend
Negative EWO value
- 2) Strengthening downtrend OR
- 3) Weakening uptrend
