14
by ImpLaNT
This indicator has nothing to do with Elliott Wave Theory and never has. In the original, this indicator is called MT4 GoodTrade3.
In fact, the indicator determines the initial zigzag and builds price targets based on fibonacci extensions from the first driving wave. The indicator has a tricky mechanism for splitting the chart into zigzags. There are many versions, but I have never seen the original mq4 file. The indicator is very, very useful when used correctly. And as for the automatic construction of Elliott waves - you can relax and exhale - no, there have not been and will not be such indicators and programs, most likely it is impossible. All similar programs and indicators that I had to test (and there were a lot of them, about 10) use the usual zigzag to split the chart into waves, which is fundamentally wrong, because it is impossible to do it correctly with this approach. An adaptive dynamic zigzag algorithm is needed, the parameters of which would change depending on changes in a number of factors. Even programs created separately for this purpose, such as Elwave, for example, can't do this correctly.