The Elliot Oscillator indicator for Metatrader 5 is based on the Elliot Wave theory and it delivers pretty accurate trading signals to Forex traders.
It is displayed in a dedicated chart window as green and orange colored trading zones.
The indicator works equally well for scalping, day trading, and swing trading.
How to buy and sell Forex with the Elliot Oscillator?
- A green colored indicator zone creates a buy trade opportunity.
- An orange colored indicator zone creates a sell trade opportunity.
The following indicator inputs and parameters can be modified: EMA period, fast EMA period, price, deviation period.
The Elliot Oscillator indicator designed for the MT5 charting platform does not repaint the buy and sell trading zones under any circumstances.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
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Elliot_oscillator.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Elliot Oscillator indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Elliot Oscillator Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy trade is confirmed when the green Elliot indicator zone is shown in the price chart.
- Initiate a buy trade @ market price and add a stop below the previous swing low price.
- Exit the long trade for a predetermined pips profit target.
Sell Signal
- A sell trade is confirmed when the orange Elliot indicator zone is shown in the price chart.
- Initiate a sell trade @ market price and add a stop above the previous swing high price.
- Exit the short trade for a predetermined pips profit target.
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Elliot_oscillator.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Elliot_oscillator.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
