Free Forex Indicators (MT4), Trend Following Indicators

Elliot Waves Oscillator

Elliot Wave is a very famous trading method, mostly used by the experienced and professional traders. For newbie traders, it might be a bit difficult to get on with the Elliot Bar counting theory in the first place.

Elliot Waves Oscillator makes this job easier for you since it automatically plots the Elliot Wave signals. Moreover, it also tells you about the status and depth of the current market trend.

Elliot Waves Oscillator is quite flexible as an indicator because it can be applied to trade all kinds of forex currency pairs in the markets. Moreover, this oscillator can be used for both scalping and day trading purposes.

Elliot Waves Oscillator Overview

Download and install the Oscillator on your MT4 terminal. Once you’re done, your trading chart will appear like the following image:

Elliot Waves Oscillator Overview

Elliot Waves Oscillator Overview Explanation

Elliot Waves Oscillator plots a dynamic band for demonstrating the overbought/oversold levels of the market. The oscillator value reaches above the upper band represents the overbought condition of the market.

On the other hand, the value drops below the lower band means the market is in an oversold condition. The Elliot Wave bars turn positive means the market in a bullish trend and for the bearish trend confirmation, the value must be turned to negative.

Elliot Waves Oscillator Explanation

A yellow bar signals for the ultimate overbought/oversold condition of the market. Elliot Wave Oscillator can alone guide you through the entry to exits of each trade entry and doesn’t require any additional signal filter.

Elliot Waves: Buy Conditions

Elliot Waves Buy Conditions
  • The Elliot Waves bar turn positive
  • The indicator value bounces upwards from its oversold area
  • Buy triggers after the above conditions are met
  • Set stop loss below the current low of the market
  • Exit long/take profit whenever the oscillator bar turns yellow

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Elliot Waves: Sell Conditions

Elliot Waves Sell Conditions
  • The Elliot Waves bar turn negative
  • The indicator value bounces downwards from its overbought area
  • Sell triggers after the above conditions are met
  • Set stop loss above the current high of the market
  • Exit short/take profit whenever the oscillator bar turns yellow

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
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