Calculation of the Third Elliott Wave - Script for MetaTrader 4 | Trading Script Download - MT4/MT5 Resources

Presented is a script for calculating the third Elliott Wave based on the algorithm suggested by Bill Williams in his book Trading Chaos.

(Comments on Figure 7-15 of this book)

This script uses the standard OBJ_EXPANSION object (Fibonacci extension)

In order to start the calculation, it is necessary to move the first coordinate of the object created by the script to the assumed start of the first wave to the lowest point of the bar (for the bullish version), and the second coordinate to the highest point of the bar, where the first wave is expected to end and the second wave is expected to start. The third coordinate should move to the low where the second wave is expected to end.

(For the bearish version, the price of the coordinates must be - the first is high, the second is low, the third is high)

This script automatically detects bullish and bearish versions of the third Elliott Wave.

The red cross marks the price at the ratio (price/time) at which the "assumed" third wave "should" end.

There's more: for more accurate calculations, the script requires a "sufficient" number of bars in the first and second waves.

P.S. If you like this script, maybe make another script to calculate Elliott Wave 5 based on the 3rd and 4th waves formed.

Attachment download

📎 42lpc7ifs2yk_3-03v0_hstz0no1aa_30a7m7ew9kn4hp.mq4 (5.73 KB)

Source: MQL5 #7156