Elliott wave indicator (MT4_Good trade mode indicator) is a professional technical tool. This indicator based on Fibonacci levels & Elliott Wave. Use 0,2 and 4 Elliott waves to enter a trade. 0,2,4 represent possible trend continuation. 1 and 3 represent possible correction. 5 possible end of the trend. Use with your other analysis to get better results. This can use for 1 hour, 4 hours, 1 day, 5 minutes, 15 minutes, 30 minutes,.You can change Indicator settings as you wish. You can identify trend direction with this indicator. This indicator is a repaint indicator.

So, don’t use to get confirmation to enter a trade. only use to get an idea about Trend. When you use this indicator number 5 means the trend is ending. At that time you can exit your trade. But don’t enter the next trade with number 5. You need to wait until appear number 0 after appearing number 5. Then after appearing number 0, you can enter the trade with other confirmation. So, number 0 means the beginning of the trend.

How to trade with Elliott wave indicator.

If you entered to trade with number 0, you can wait until appear number 5 to close the trade. If not, you can exit with number 1 .you must wait until appearing number 2 enter to trade again. When you enter with number 2 then you can exit number 3 or number 5. Remember, between number 0 to number 5 is one trend. Then appear number 0 after number 5 at that time beginning to a new trend. The numbers will display as two-color. Green color means the Bull trend. Pink color mean Bear trend. When you are is in the downtrend, the trend is beginning with number 0 from pink color. If you are in the uptrend, the trend is beginning with number 0 from green color.

You can place a stop loss level to a higher high or lower low.

Buy
0,2,4 Elliott wave

Sell
0,2,4 Elliott wave

Don’t enter 1,3,5 Elliott wave

TP.

Opposite Elliott wave.

SL.

30 pips from the entry point.

Elliotte wave indicator Free Download