About the Elliott Wave Prophet indicator
The Elliott Wave Prophet indicator simplifies the complex task of manual wave counting by plotting cycle structures directly onto your MT4 charts.
It identifies the standard five-wave impulse sequences and the subsequent three-wave corrective phases without requiring you to draw a single line.
This tool functions by calculating price swings and Fibonacci ratios to project where the next wave is likely to form.
By using this indicator, you can see the progression of Wave 1 through Wave 5, followed by the corrective A, B, and C waves.
It helps you understand if the current trend is exhausted or if a significant breakout is still expected in Wave 3.
The logic behind the software reduces the subjective nature of wave theory, providing a consistent framework for analyzing market sentiment.
It adapts to various timeframes, making it useful for both quick scalps and long-term position trades.
Free Download
Download the “elliott-wave-prophet.mq4” MT4 indicator
Key Features
- Automatically identifies and labels impulse waves 1-5 and corrective waves A-C.
- Projects future price paths based on historical wave patterns and current momentum.
- Includes built-in calculation of Fibonacci retracement levels for wave validation.
- Works on all currency pairs and metals available on the MT4 platform.
- Updates in real-time to reflect changes in price action and wave structure.
- Provides a clean interface that does not clutter the workspace with unnecessary data.
Indicator Chart
The Elliott Wave Prophet indicator displays a series of connected lines and labels that map out the current market cycle.
You will see numeric labels for impulse moves and letters for corrections.
The chart highlights the transition from a completed five-wave move into a corrective phase, signaling where the next major trend might begin.
Guide to Trade with Elliott Wave Prophet indicator
Buy Rules
- Monitor the chart for the completion of a corrective Wave 2 or Wave C.
- Wait for the indicator to project the start of a new bullish impulse wave.
- Enter a long position when price breaks above the high of the previous corrective candle.
- Ensure the overall higher timeframe trend aligns with the bullish wave count.
Sell Rules
- Look for the indicator to finish a five-wave impulse move to the upside.
- Identify the completion of a bearish Wave 2 or a corrective Wave B.
- Execute a short entry when the price action confirms a downward turn from these levels.
- Verify that the wave labels suggest a continuation of the bearish cycle.
Stop Loss
- Place the stop loss order slightly below the start of the current wave for buy trades.
- Set the stop loss just above the peak of the recent wave for sell trades.
- Adjust the exit point if the indicator repaints the wave count due to a move to new highs or lows.
Take Profit
- Target the projected end of Wave 3 or Wave 5 for maximum gains in impulse moves.
- Exit the trade when the indicator labels a completed wave sequence in the opposite direction.
- Use a trailing stop once Wave 3 reaches its typical Fibonacci extension level.
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
FAQ
How does the Elliott Wave Prophet indicator handle repainting?
The indicator adjusts its labels as price action evolves.
Because Elliott Wave theory is based on unfolding cycles, the software must update the count if a price move invalidates the previous wave structure.
It is best used alongside price action confirmation to avoid entries on incomplete waves.
Which timeframe offers the most reliable wave counts?
While the indicator works on any period, the H1 and H4 timeframes generally provide more stable wave structures.
Lower timeframes like M5 can contain more market noise, which may lead to frequent changes in the wave labels as small price spikes occur.
Summary
The Elliott Wave Prophet indicator is an excellent resource for traders who want to apply complex wave theory without the steep learning curve of manual charting.
It effectively highlights where a market is within its natural cycle, allowing for better timing on entries and exits.
While it requires an understanding of how waves can shift during volatile news events, its ability to automate the counting process is a massive advantage.
Using this tool helps you stay on the right side of the trend while identifying the exact moments when a correction is likely to end.
