Unlike a moving average or RSI, an Elliott Wave indicator does not predict price directly. Instead, it attempts to label price swings according to Elliott Wave Principle (EWP):
A true MT5 Elliott Wave indicator automates:
Most MT5 Elliott Wave indicators display: mt5 elliott wave indicator
If you still want to use one, follow these rules:
Never rely on auto-labeling alone
Combine with non-repainting tools
Use on clear trending markets
Prefer semi-automated indicators
If you want to avoid repainting, you can script: Unlike a moving average or RSI, an Elliott
// Pseudocode: Identify 5 swings without repainting
int GetSwingType(int bar)
// Return 1 for peak, -1 for trough, 0 for no swing
bool IsImpulse(int w1, int w2, int w3, int w4, int w5)
// Check wave 3 not shortest, wave 2 retrace <100%, wave 4 no overlap wave 1 content
Use iCustom to call a non-repainting zigzag from the terminal, then loop through swing points.
The indicator should automatically plot Fibonacci extension levels for Wave 3 (161.8% of Wave 1) and Wave 5 (100% of Wave 1-3). It should also show retracement levels for corrective waves. A true MT5 Elliott Wave indicator automates: