Elliott Oscillator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

By definition, the Elliott Oscillator is a "34-period Simple Moving Average Histogram above and below the zero line of price subtracted from the price shown as a 5-period Simple Moving Average" (sometimes called the "5/34 Oscillator"). This version is greatly expanded.

In this version you can choose any period for calculation (in some cases this makes it MACD - whenever EMA is used for calculation), but this is done for flexibility. The types of averages available for calculations are common:

Colors (and alerts) can be chosen from 3 types:

In addition, the commonly used 22 prices (all price changes and their heiken eshi equivalents) and multiple time frames are built in.

PS: The level is not the standard level. The indicator uses discrete EMAs to calculate levels and then takes the middle line as the average of the two outer levels. This type of intermediate "zero" line gives an earlier signal than the usual zero crossing, and even in the case of EMA being used with the Elliott oscillator, these levels make it a completely different indicator than the MACD. Therefore, there is no danger in using it the same as MACD as they will not be the same.

PPS: Some versions of the Elliot oscillator for mt4 (some also made by me) are using peak detection, which is recalculated/replotted as this is natural in terms of peak/extreme value detection. This version doesn't have that, so it doesn't have any parts that need to be redrawn. If used in signal mode, feel free to use this as signals are not recalculated/redrawn.

Attachment download

📎 elliot_oscillator.mq5 (36.21 KB)

Source: MQL5 #17191