In Neely method is based on the concept monowaves which is a simple movement until the price change of direction. Monowaves can be identified by constructing price maxima and minima for a selected period in the order of occurrence of the beginning and the center slot.
Forex indicator NeelyElliotWave builds on the chart four monowaves according to different time periods:
- Monthly (by default - a blue-violet color).
- Weekly (default - green).
- Day (default - blue).
- 6-hour (default - yellow).
The beginning and end of each monowaves marked point.
According to the magazine fortrader, the NeelyElliotWave indicator will help traders who build their trading strategy using the Elliott Wave Theory, and help increase its effectiveness.
