The Elliott Wave Oscillator (EWO) indicator for Metatrader 5 turns the Elliott Wave theory into an easy-to-use buy-and-sell technical oscillator.
The indicator pops up as a simple-to-use buy-and-sell EWO oscillator in a separate chart window.
How to follow the trend with the Elliott Wave Oscillator?
- The trend is positive when the oscillator turns back above the zero level.
- The trend is negative when the oscillator turns back below the zero level.
The following indicator inputs and parameters can be adjusted: fast MA period, slow MA period, method, and applied price.
The EWO indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows what the Elliott Wave Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Elliott Wave Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the Elliott Wave oscillator turns back above zero (green colored bars).
- Open a buy order and place your stop loss 3 pips below technical support.
- Exit the buy trade near major resistance levels or simply wait for a sell signal.
Sell Signal
- A sell signal is given when the Elliott Wave oscillator turns back below zero (orange & red colored bars).
- Open a sell order and place your stop loss 3 pips above technical resistance.
- Exit the sell trade near major support levels or simply wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the EWO.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration