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The Elliott Wave Trend indicator was developed for scientific wave counting based on patterns and patterns first developed by Jung Ho Seo. The indicator is aimed at eliminating the fuzziness of the classical Elliott wave calculation using templates and patterns. Thus, the Elliott Wave Trend indicator primarily provides a template for counting waves. Second, it offers a structural wave count Wave Structural Score, which helps determine the exact formation of the wave. It counts separately impulse and corrective waves. The structural assessment reflects the quality of wave patterns. 100% means a good wave pattern. Values below 80% or negative values mean that there may be errors in the analysis. Elliott Wave Trend corrects obvious errors in wave markings, if suddenly the calculation is carried out with non-compliance with the three rules proposed by Ralph Elliott.

But these are not all powerful features of the Elliott Wave Trend indicator. As soon as the wave marking is completed, the indicator will automatically provide all the important information for trading. First, it will automatically detect all the important Fibonacci retracement levels in the wave layout. Second, it will automatically build the main channel, the acceleration channel, and the deceleration channel. In addition, it will automatically identify some important envelopes for your trading session.

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Note that even though there are many automatic functions in the indicator, some manual operations are still required to mark the waves. In addition, you will need the discipline and knowledge of Elliott waves. By studying the waves, you can use the full power of Elliott wave analysis, where the subjectivity of the wave markup is completely controlled.

Note that even though there are many automatic functions in the indicator, some manual operations are still required to mark the waves. In addition, you will need the discipline and knowledge of Elliott waves. By studying the waves, you can use the full power of Elliott wave analysis, where the subjectivity of the wave markup is completely controlled.

The Elliott Wave Trend indicator works mainly with buttons and a mouse. A list of buttons that allow you to accurately determine wave patterns on the chart.

  • Impulse: Click this button to start marking out impulse waves on the chart. If the button is disabled, you will not be able to mark pulse waves on the chart. After clicking the button, double-click on the chart to place each pulse wave (i.e. waves 1, 2, 3, 4, and 5). After finishing marking the pulse wave, press this button again. After the first double click, the beginning of the wave (.) will appear on the chart. Then the labels 1, 2, 3, 4 and 5 will be added.
  • Correct: To start marking the correction waves on the chart, click this button. If the button is disabled, you will not be able to mark correction waves on the chart. After clicking the button, double-click on the chart to place each correction wave (i.e. waves A, B, and C). After finishing marking the pulse wave, press this button again. After the first double click, the beginning of the wave (.) will appear on the chart. Then the labels A, B and C will be added .
  • DE Label: button to remove the label. When you click on the button, the last added label will be removed from the chart.
  • DE Cycle 1: Delete Cycle button 1. When you click this button, all labels of the current cycle will be deleted. If the impulse button is pressed, pressing the DE Cycle 1 button will remove all the pulse wave labels of the current cycle, only the correction wave labels will remain. If the correct button is pressed, pressing the DE Cycle 1 button will remove all the correction wave labels of the current cycle.
  • DE ALL: Delete all. When you click this button, all labels will be deleted.
  • Draw Line: Click this button after placing all the labels on the chart. The line will automatically connect the labels.
  • DE Cycle 2: Delete Cycle 2 button. When you click this button, all lines of the current cycle will be deleted. If the impulse button is pressed, pressing the DE Cycle 2 button will remove all the pulse wave lines of the current cycle, only the correction wave lines will remain. If the correct button is pressed, pressing the DE Cycle 2 button will remove all the correction wave lines of the current cycle.
  • DE All Line: to remove all lines. When you click this button, all lines will be deleted.
  • Panel: The button shows/hides the information panel. The panel displays the rules for calculating waves.
  • wavetrend: The button shows / hides the trend indicator on the chart. You can use the trend indicator as an additional assistant.
  • << : reduction in cycle
  • > > > : increasing the cycle

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Published

18 May 2016

Updated

20 December 2019

Current Version

11.3

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Michalangelo January 19, 2021 2:15 pm
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The best elliot wave indicator in the market. One step ahead to become full time trader.