The Elliott Wave Oscillator is a free mt4 indicator that transforms all Elliott Waves into an easy to trade buy and sell trend histogram.
The indicator appears in a separate MT4 chart window as a colored gray histogram that oscillates above and below the 0.00 midpoint.
The default periods are set to 5 and 35.
The Elliott Wave Oscillator can be used in multiple ways.
Buy & Sell Trade Example
- Open a buy position as soon as the gray colored histogram bars cross the 0.00 midpoint bottom-up.
- Open a sell position as soon as the gray colored histogram bars cross the 0.00 midpoint top-down.
The Elliott Wave 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 “elliot-waves-oscillator.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Elliott Wave 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 Wave 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 Wave Oscillator + Renko Boxes MT4 Strategy
This strategy combines the momentum-biasing power of the Elliott Wave Oscillator with the price movement clarity of the Renko Boxes Forex Indicator.
The idea is that the Renko structure filters out time-based noise, while the oscillator confirms directional strength.
Use this setup on trending pairs like EUR/AUD, USD/JPY, or GBP/USD. Best on timeframes M30, H1, or H4.
It works because Renko charts respond only to price movement (so flat choppy periods collapse), and the Elliott Wave Oscillator highlights momentum shifts.
When a Renko breakout coincides with oscillator confirmation, the trade has structural and momentum alignment.
Buy Entry Rules
- Renko Boxes show a fresh blue bullish bar on the chart.
- The Elliott Wave Oscillator has a 1.1 indicator reading.
- Enter a buy at the open of the next Renko bar or the next real-time candle after confirmation.
- Stop loss: a few pips below the recent Renko swing low.
- Take profit: target a risk: reward of 1:2 or aim for the next major resistance as defined by price zones on the original time chart.
Sell Entry Rules
- Renko Boxes show a fresh red bearish bar on the chart.
- The Elliott Wave Oscillator has a -1.1 indicator reading.
- Enter a sell at the open of the next Renko bar.
- Stop loss: a few pips above the recent Renko swing low.
- Take profit: target a risk: reward of 1:2 or aim for the next major support zone.
Advantages
- Renko filters out sideways (“time”) noise so you see only meaningful moves.
- The Elliott Wave Oscillator adds momentum confirmation so you avoid weak signals.
- More disciplined entries — both price structure and momentum must agree.
- Works across multiple pairs and timeframes (especially trending markets).
Drawbacks
- During consolidation, Renko may produce few or no signals.
- If the box size is poorly chosen, signals may lag or be too frequent.
- Requires backtesting for optimal box size per pair and timeframe.
Case Study 1: USD/JPY on H1
On USD/JPY H1, the Renko Boxes (with box size ~ 12 pips) flipped bullish and produced a new blue Renko bar breaking above the last top.
Simultaneously, the Elliott Wave Oscillator reached the 1.1 indicator reading.
Entered a buy at the next candle high.
The stop was placed a few pips below the recent Renko support.
The trade ran until the EW oscillator began flattening, capturing a solid move before reversal.
Case Study 2: EUR/AUD on M30
On EUR/AUD M30, Renko boxes (box size ~ 15 pips) turned bearish, giving a fresh red brick.
The Elliott Wave Oscillator reached the -1.1 reading.
A sell entered at the next candle.
The stop was above the prior Renko high.
Price dropped strongly, reaching profit targets before any sharp retracement.
Strategy Tips
- Choose Renko box size relative to pair volatility. Use ATR or historical average to set it.
- Test the combination on a demo before going live.
- Watch sessions: avoid entering just before major news releases.
- Use an original candlestick chart support/resistance to help set take profit zones.
- Adjust stop and target based on pair and timeframe.
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Download the “elliot-waves-oscillator.mq4” indicator for Metatrader 4
