Elliott Waves Oscillator is a free Metatrader 4 indicator that provides an easy-to-trade buy & sell histogram based on Elliott Waves.
The indicator appears in a separate MT4 chart window as a colored histogram that oscillates above and below the 0.00 level.
It’s an excellent indicator for scalping and day trading any pair.
The Elliott Waves Oscillator can be used in multiple ways.
Buy & sell Trade Example
- Open a buy position as soon as the histogram bars turn back above the 0.00 level.
- Open a buy position as soon as the histogram bars turn back below the 0.00 level.
The Elliott Waves Oscillator indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Elliott_Wave_Oscillator.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Elliott Waves Oscillator MT4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the Elliott Waves Oscillator Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Elliott Wave
Does the indicator repaint? No.
Elliott Waves Oscillator + Trend Predictor V1.0 MT4 Strategy
This MT4 strategy combines the Elliott Waves Oscillator with the Trend Predictor V1.0 Forex Indicator.
It is designed to identify strong trend reversals and continuations by confirming wave structure with predictive signals.
This approach works well on major currency pairs like EUR/USD, GBP/JPY, and AUD/CAD.
It suits both swing traders and day traders who prefer clear entry and exit points with minimal lag.
The Elliott Waves Oscillator helps spot potential wave 3 and wave 5 entries, while the Trend Predictor V1.0 plots early reversal or continuation arrows.
When used together, they filter out weak signals and improve win rates.
Higher timeframes, such as H1 and H4, give fewer but stronger signals, while M15 and M30 allow more frequent trades with tighter stops.
Buy Entry Rules
- The Elliott Waves Oscillator shows a strong blue positive reading, indicating an impulsive wave up.
- The Trend Predictor V1.0 prints a blue up arrow below the price candle, confirming bullish momentum.
- Enter a buy trade at the open of the next candle after confirmation.
- Place a stop loss 25–35 pips below the most recent swing low.
- Set a take profit of 50–80 pips or aim for the next major resistance level.
Sell Entry Rules
- The Elliott Waves Oscillator shows a strong red negative reading, indicating an impulsive wave down.
- The Trend Predictor V1.0 prints a red down arrow above the price candle, confirming bearish momentum.
- Enter a sell trade at the open of the next candle after confirmation.
- Place a stop loss 25–35 pips above the most recent swing high.
- Set a take profit of 50–80 pips or aim for the next major support level.
Advantages
- Combines wave analysis with predictive arrows for more accurate entries.
- Works across multiple timeframes and currency pairs.
- Clear and simple rules suitable for both new and experienced traders.
- Helps catch early trend reversals with defined risk.
Drawbacks
- Signals can lag during very volatile news events.
- Requires discipline to wait for full confirmation from both indicators.
- Performance varies depending on market conditions.
Case Study 1: GBP/JPY on H1
On GBP/JPY H1, the Elliott Waves Oscillator turned sharply positive, suggesting a strong impulsive wave 3.
Shortly after, the Trend Predictor V1.0 plotted a blue up arrow below the candle at 188.40.
A buy was taken at 188.45 with a stop loss at 188.05 (40 pips).
Price rallied to 189.25 within four hours for an 80 pip gain.
The combined confirmation avoided a previous false breakout and locked in a high-probability move.
Case Study 2: AUD/CAD on M30
On AUD/CAD M30, the Elliott Waves Oscillator dropped below zero, showing a potential new impulsive wave down.
The Trend Predictor V1.0 then printed a red down arrow at 0.9080.
A sell trade was entered at 0.9075 with a stop loss at 0.9105 (30 pips).
Price fell to 0.9020 over the next three sessions for a 55 pip gain.
This example highlights how the setup can capture clean moves even on cross pairs outside the majors.
Strategy Tips
- Use higher timeframes to reduce noise and increase accuracy.
- Avoid trading during major economic releases as volatility can trigger false signals.
- Combine this approach with simple support and resistance analysis to find the best take profit levels.
- Always test the setup on a demo account before applying it to a live account.
- Adjust stop loss and take profit distances according to the volatility of the chosen pair.
Download Now
Download the “Elliott_Wave_Oscillator.mq4” indicator for Metatrader 4
