The Elliott Wave Prophet MT4 indicator draws all Elliott Waves on the Metatrader 4 chart on autopilot.
The following waves are visible on the activity chart:
Wave 1, Wave 2, Wave 3, Wave 4, Wave 5, Wave A, Wave B, and Wave C.
In short, Elliott Waves are useful to analyze market cycles and forecast currency market trends.
The indicator can be used across all time frames and works for all currency pairs.
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Download the “elliott-wave-prophet.mq4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD 1 Hour chart below displays the Elliott Wave Prophet Metatrader 4 Forex indicator in action.
Basic Trading Signals
Learn more on Wikipedia about how Elliott Waves Work and how to interpret their waves.
Elliott Wave Prophet Indicator + Gann Trend Oscillator MT4 Forex Strategy
This MT4 strategy combines the predictive power of Elliott Wave analysis with momentum confirmation from the Gann Trend Oscillator to identify high-probability trade setups.
The Elliott Wave Prophet Indicator plots waves on the chart (Wave 1, Wave 2, Wave 3, Wave 4, Wave 5, Wave A, Wave B, and Wave C) with blue lines to help traders visualize market structure and potential reversal points.
The Gann Trend Oscillator MTF Indicator shows momentum direction:
Blue bars indicate bullish momentum and potential buy opportunities, while violet bars indicate bearish momentum and potential sell opportunities.
This strategy is suitable for M15 and H1 time frames and is designed for traders who want to follow both market structure and momentum for intraday trading.
Using the Elliott waves allows traders to anticipate potential reversals and corrections, while the Gann oscillator confirms the strength and direction of momentum.
Buy Entry Rules
- Elliott Wave Prophet shows a potential bullish wave setup, such as the completion of Wave 2 or Wave C in a bullish pattern.
- The Gann Trend Oscillator displays blue bars, confirming bullish momentum.
- Enter a buy trade at the open of the next candle after both conditions are met.
- Place a stop loss below the recent swing low of the Elliott wave formation.
- Set take profit at the next Elliott wave resistance level or when Gann bars turn violet.
Sell Entry Rules
- Elliott Wave Prophet shows a potential bearish wave setup, such as the completion of Wave 2 or Wave C in a bearish pattern.
- The Gann Trend Oscillator displays violet bars, confirming bearish momentum.
- Enter a sell trade at the open of the next candle after both conditions are met.
- Place a stop loss above the recent swing high of the Elliott wave formation.
- Set take profit at the next Elliott wave support level or when Gann bars turn blue.
Advantages
- Helps anticipate reversals and trend continuation points.
- Effective for multiple currency pairs and intraday time frames.
- Structured rules allow traders to follow systematic entries and exits.
- Suitable for traders who prefer technical analysis based on waves and momentum.
Drawbacks
- Requires understanding of Elliott wave patterns for accurate interpretation.
- False momentum signals can occur in choppy or sideways markets.
Case Study 1
On EURUSD H1, the Elliott Wave Prophet indicated the completion of Wave 2, suggesting a bullish Wave 3 could start.
The Gann Trend Oscillator confirmed bullish momentum with blue bars.
A buy trade was entered at 1.1024 on the next candle, with the stop loss set at 1.1005 below the Wave 2 low.
Price moved up to 1.1070, reaching the next resistance area and yielding 46 pips profit.
The combination of wave structure and momentum provided a clear and reliable entry.
Case Study 2
On GBPJPY M15, the Elliott Wave Prophet completed Wave C in a bearish pattern.
The Gann Trend Oscillator showed violet bars indicating bearish momentum.
A sell trade was executed at 162.35 on the next candle, with the stop loss at 162.70 above the Wave C high.
Price dropped to 161.90, hitting support and closing the trade for 45 pips.
Following both Elliott wave signals and momentum confirmation ensured a precise and profitable scalp.
Strategy Tips
- Look for wave patterns that align with the overall trend on higher time frames for stronger setups.
- Wait for clear confirmation from the Gann Trend Oscillator before entering any trade.
- Focus on pairs with strong trending behavior to increase the probability of success.
- Use smaller time frames only for fine-tuning entry points after the higher time frame trend is clear.
- Monitor price action near key support and resistance levels to avoid entering late reversals.
- Combine with simple candlestick patterns to confirm the wave direction for additional confidence.
- Be patient and skip setups that do not fully meet both wave and momentum criteria.
- Adjust trade size according to market volatility to manage risk effectively.
Download Now
Download the “elliott-wave-prophet.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Draw first lines) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Elliott Wave
