Nelly Elliott Waves Indicator MT4
Platform: MT4 Type: Market Levels Last update: April 5, 2025The Nelly Elliott Waves Indicator for MT4 comes in handy for automatic detection of the elliot waves patterns. It removes a hassle of manual wave counting, and instead it identifies impulse waves (trend-following) and corrective waves (pullbacks), helping traders spot high-probability entries with ease.
Example chart:
How does the nelly elliot waves indicator for mt4 work?
The indicator transforms Elliott’s wave theory (which is quite complex) into simplier trading signals. In other words, it simplifies wave analysis by marking swing points with colored dots and projecting potential wave structures.
This tool has ability to distinguish between the three important wave types:
- Impulse waves: occur when strong price movements are aligned with the primary trend direction
- Corrective waves: they are counter-trend movements that typically follow a three-wave pattern
- Diagonal waves: these are edge-shaped formations that signal trend exhaustion or continuation
High-probability setups
Some setups are more reliable then others. One of such setups is the following:
- A clear five-wave impulse pattern completes in the main trend direction
- Price enters the corrective ABC pattern
- The C-wave nears completion at a Fibonacci retracement level
- Entry occurs at the start of a new impulse wave
This approach is based on a predictable nature of wave patterns. It minimizes exposure during a bit unpredictable corrective phases.
Indicator settings
The indicator’s settings include many options, mainly regarding colors and whether to show monthly, weekly, daily, and quarter-daily waves. There are also options to define the daily close time and whether this custom time should be enabled.
Conclusion
The nelly elliott waves indicator for metatrader 4 suits traders who understand elliott wave basics but want some automation. For a deeper edge, it’s good to study elliot wave principles (e.g. wave 3 can’t be the shortest) and filter signals manually.
