Elliott Wave EA

Description

Elliott Wave EA is a professional trading solution based on M & W wave patterns described by A. Merrill. This powerful Expert Advisor identifies and trades wave formations with high accuracy, providing traders with a reliable automated solution for using Elliott Wave theory.

Key Features

• Intelligent pattern recognition - Advanced algorithm identifies M & W wave patterns with exceptional accuracy
• Dual signal technology - Trades both Evolution and Mutation signals for comprehensive market analysis
• Flexible trading direction - Choose to trade buy only, sell only, or in both directions
• Adaptive capital management - Fixed volume or risk-oriented position sizing according to your trading style
• Multi-timeframe analysis - Optimized for all timeframes with default settings for M15
• Complete protection system - Includes customizable Stop Loss, Take Profit, Trailing Stop, and Breakeven

Markets and Pairs

Elliott Wave EA shows exceptional results in various markets:

• Forex pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD and others
• Commodities: XAUUSD (Gold), XAGUSD (Silver), WTI (Oil)
• Cryptocurrencies: BTCUSD, ETHUSD and other major crypto pairs
• Indices: US30, SPX500, NAS100, DXY and others

Trading Logic

The advisor implements Elliott Wave theory through:

• Advanced ZigZag pattern identification with customizable parameters
• Recognition of Evolution and Mutation formations
• Precise calculation of entry points based on wave completion
• Intelligent risk management with multiple protection mechanisms
• Adaptive trading based on current market conditions

Detailed Parameter Description

Indicator Settings

• Depth - Determines the search window width for the ZigZag indicator. Higher values make the indicator less sensitive to minor price fluctuations, revealing more significant waves (default: 24)
• Deviation - Sets the minimum price change in points to form a new ZigZag point. Affects the indicator's sensitivity to market noise (default: 12)
• Backstep - Determines the offset of data start for calculations. Helps exclude false signals at the initial analysis section (default: 9)
• HistSize - Sets the number of historical bars used for calculations. Affects the depth of pattern analysis (default: 500)

Trading Settings

• TradeDirection - Sets allowable trading directions:
  • TRADE_DIRECTION_BOTH - Trading in both directions (buy and sell)
  • TRADE_DIRECTION_BUY_ONLY - Buy only
  • TRADE_DIRECTION_SELL_ONLY - Sell only
• TradeEvolution - Enables/disables trading Evolution signals (default: true)
• TradeMutation - Enables/disables trading Mutation signals (default: true)
• TimeframeToUse - Selection of the time interval for analysis and trading (default: PERIOD_M15)

Lot & Risk Settings

• LotMethod - Selection of position size determination method:
  • LOTMODE_FIXED - Fixed lot size
  • LOTMODE_RISK - Lot size calculation based on risk level
• FixedLotSize - Lot size when using the fixed method (default: 0.01)
• RiskLevel - Risk level when using the risk-oriented method:
  • RISK_LOW - Low risk (1% of balance)
  • RISK_MEDIUM - Medium risk (2% of balance)
  • RISK_HIGH - High risk (3% of balance)

Stop Loss and Take Profit Settings

• StopLoss - Stop loss value in points. It is recommended to set the value to 0 for optimal operation with the built-in protection system (default: 1000)
• TakeProfit - Take profit value in points. Value 0 disables take profit (default: 500)

Trailing Stop and BreakEven Settings

• UseTrailingStop - Recommended to activate for optimal advisor operation (default: false)
• TrailingStart - Profit in points at which the trailing stop begins to work (default: 148)
• TrailingStop - Trailing stop distance from the current price in points (default: 71)
• TrailingStep - Step for moving the trailing stop in points (default: 21)
• UseBreakEven - Recommended to activate together with trailing stop (default: false)
• BreakEvenPoints - Profit in points at which the position is moved to breakeven (default: 93)
• BreakEvenOffset - Additional offset of the breakeven level in points to cover commissions/swaps (default: 31)

Trading Rules

• MaxSpread - Maximum allowable spread in points for opening positions (default: 25)
• MinutesBetweenTrades - Minimum time interval between trades in minutes (default: 39)
• magicNumber - Unique identifier for advisor trades (default: 777)
• TradeComment - Text comment added to each trade (default: "Elliott Wave")
• DailyLimit - Enables/disables limit on the number of trades per day (default: true)
• MaxOrdersPerDay - Maximum number of trades per day when daily limit is enabled (default: 1)
• MinDistancePoints - Minimum distance in points between orders (default: 388)

Visual Settings

• ColorArrow - Color of arrows marking pattern points (default: blue)
• ColorTrend - Color of pattern lines (default: gold)
• WidthTrend - Width of pattern lines (default: 2)
• BackTrend - Enables/disables displaying pattern lines in the background (default: true)
• StyleTrend - Pattern line style (default: solid line)
• ColorUpHLine - Resistance line color (default: blue)
• ColorDownHLine - Support line color (default: red)
• WidthHLine - Width of level lines (default: 2)
• BackHLine - Enables/disables displaying level lines in the background (default: true)
• StyleHLine - Level lines style (default: solid line)

Usage Recommendations

The advisor is already optimized for trading on EURUSD, but to achieve maximum efficiency, it is recommended to:

• Activate trailing stop and breakeven functions
• Set Stop Loss value to 0 to use the built-in protection system
• Adapt parameters to your broker, taking into account its features (spread size, execution speed, and others)
• Functions equally effectively on both netting and hedging accounts
• For testing and familiarization, it is recommended to first run on a demo account before moving to real trading
• Initial recommended deposit from $100, but $1000+ is recommended for comfortable trading

Take your trading to the next level with Elliott Wave EA- an intelligent solution for automated Elliott Wave trading!