Some market technicians that use technical analysis to look for a nearing market bottom or market top have noticed over the past several years that the stock market will consistently move in a 5 wave pattern which is based on concepts from Elliott Wave Theory.
When the stock market is trending upward a 5 wave pattern consists of 3 separate moves upward and 2 separate moves downward before a top occurs. Meanwhile when the stock market is trending downward a 5 wave pattern consists of 3 separate moves downward and 2 separate moves upward before a bottom occurs.
Adding concepts from Elliot Wave Theory is another tool investors can use to help predict when a stock market bottom or top is nearing.
The indicator will also show alerts when signal for Buy or Sell triggered.
Parameters, used in the custom indicator:
ShowAlerts = true - show alert signals;
ElliotWaves = Blue - color to print elliot waves;
Indicator shipped without source code and Metatrader 4 is only supported.
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