The Nelly Elliott Wave Forex indicator for mt4 (Metatrader 4) transforms the complicated Elliott Waves theory into an easy-to-read Elliott Waves indicator.
The Nelly Elliott Wave is based on price action and can be used in multiple ways.
The 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.
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Download the “nelly elliot wave.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the Nelly Elliott Wave 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 Nelly Elliott Wave 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 + Zero-Lag MACD Forex Strategy (MT4)
This Forex strategy combines the Nelly Elliott Wave Forex Indicator for MT4 with the Zero-Lag MACD Indicator for MT4.
Use this combination on timeframes from M5 to H1 to catch short impulsive moves with structure confirmation and momentum alignment.
Why This Strategy Works
Elliott wave patterns help you spot directional structure — waves 1, 2, 3, etc.
When the price is forming a new impulsive wave, it gives you a directional bias.
The Zero-Lag MACD adds momentum confirmation: if the histogram is above zero, it supports bullish impulses; if below, bearish ones.
Together, you get a higher-probability entry when structure and momentum agree.
Buy Entry Rules
- On your chosen timeframe (M5, M15, M30, H1), wait until the Elliott Wave indicator draws a new upward wave leg (for example, wave 3 or wave 5).
- Confirm that the Zero-Lag MACD histogram is above zero (positive), indicating bullish momentum.
- Enter a buy trade at the open of the next candle after both signals align.
- Set your stop loss below the start of the current upward wave (or below the most recent swing low).
- Take profit when the MACD histogram drops below zero (turns negative) or when the Elliott tool indicates a wave structure completion or reversal.
Sell Entry Rules
- Wait for the Elliott Wave indicator to draw or project a downward wave leg via its blue structural lines.
- Confirm that the Zero-Lag MACD histogram is below zero (negative), indicating bearish momentum.
- Enter a sell trade at the open of the next candle after alignment.
- Set stop loss above the start of the current downward wave (or above the recent swing high).
- Take profit when the MACD histogram rises above zero or when the Elliott structure signals a reversal or wave end.
Advantages
- Combines structural pattern analysis (Elliott waves) with momentum confirmation.
- Helps you avoid countertrend entries by requiring agreement between wave structure and MACD momentum.
- Can catch strong impulsive moves early in the wave cycle.
- Clear signals reduce hesitation in fast markets.
- Flexible across several intraday timeframes (M5 to H1).
Drawbacks
- Elliott wave labeling can sometimes lag, or the indicator might misinterpret wave structure.
- In sideways or choppy markets, the MACD histogram may oscillate around zero, producing false triggers.
- The entry might come late into the wave, reducing profit potential.
- Slippage and spread costs can erode gains on short moves, especially on smaller timeframes.
Case Study 1: AUDUSD M15
In the AUDUSD on a 15-minute chart, the Elliott Wave indicator drew a new upward wave leg after a corrective pullback.
The blue structural line projected continuation upward.
At the same time, the Zero-Lag MACD histogram turned positive and climbed above zero, confirming bullish momentum.
A buy order was placed at the next candle’s open, with stop loss under the recent swing low.
Price advanced in an impulsive move, and we exited as soon as the MACD histogram collapsed below zero.
The trade captured about +25 pips in under 30 minutes, showing how structure + momentum alignment yields clean scalps.
Case Study 2: USDCHF M5
On USDCHF in a 5-minute timeframe, the price formed a clear downward wave as identified by the Elliott Wave indicator, which drew a descending blue structural line.
Simultaneously, the Zero-Lag MACD histogram fell below zero, signaling bearish momentum.
We entered a sell trade at the next candle’s open, placing a stop just above the recent swing high.
Price dropped swiftly, and we closed the position when the MACD histogram reversed above zero, netting around +18 pips in 20 minutes.
This setup illustrates how, even on lower timeframes, you can combine structure and momentum to scalp.
Strategy Tips
- Prefer to trade only when the Elliott wave structure is clear (not during ambiguous periods).
- Wait for a decent distance between the wave start and the current price to avoid noise entries.
- Use tighter risk control; consider 1:1 or 1:1.5 reward ratio on quick moves.
- When the MACD histogram hovers around zero, skip trades — look for stronger momentum.
- Monitor only one or two pairs at a time to avoid overtrading.
- Test on pairs with good intraday volatility (majors or liquid crosses) to find what fits your style.
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Download the “nelly elliot wave.mq4” indicator for Metatrader 4
