Introduction:
Elliot wave indicator mt4 is one of the best wave pattern analysis indicators put there, and this indicator is known to have a perfect winning percentage.
It not only gives us the past and current waves but can also be used to predict the shape of waves in the future.
Elliott wave prophet mt4 indicator working:
This indicator works by analyzing the data of the past and drawing a wave on it. After analyzing the past data, it plots the wave extension to predict price in the future. The Elliot wave prophet theory effectively predicts markets where new media and politics have a significant influence.
Elliot wave indicator for mt4 uses the Fibonacci number to predict the future levels of the wave.
Indicator Settings:
The Elliott Wave Prophet settings are pretty simple and have the following parameters:
The settings of the Elliot Wave Prophet indicator are very straightforward. When we go into the settings, we can change the following parameters.
DrawFirstLines: lets us change the total number of waves formed by the Elliot wave indicator on past data using Fibonacci numbers.
PaintedColor – Lets us change the color of fixed waves
ProphetColor – Lets us change the color of the future prediction waves.
Elliott wave prophet mt4 indicator Signals:
The Elliot wave indicator has a built-in setup through which it plots or extends the lines of a current wave in the future. Using the prediction levels of that line, we can put our stop loss and take prophet.
Conclusion:
Undoubtedly, the Elliot wave prophet indicator is a handy tool, especially for beginners. But you should keep in mind that it uses Fibonacci numbers to get its wave targets and Fibonacci levels are not always valid. But, if you use it in combination with Reversal indicator mt4 the probability of getting a winning signal increases.
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