This simple script enables you to do basic Elliott Wave counts in Metatrader 4 by simple drag n’ drop. The program automatically keeps track of what wave you’re on, so there is no need to mess with annoying text objects.
Make sure to check out the Object Removal Tool if you plan on using this script. It will make it much easier to remove old wave counts …
- Drag n’ drop the script on the chart location you wish to mark
- Simple motive wave (1-2-3-4-5) and corrective wave counting (A-B-C)
- Keep track of virtually “unlimited” cycles
PARAMETERS AND USAGE
Unlike most of the tools we make, this script does NOT have external user parameters. However, there are parameters that can be adjusted. They must be done so from within the source file. The reason for this is because this script should allow for easy wave counts. It wouldn’t be desirable for most to have this ask you for inputs each time you add a label. If you do not like the default settings, please ensure you download the source files:
ElliottWaveEasyCounterScript.mq4 should be placed in the ‘Scripts’ folder (same directory as the ex4 file)
ElliottWaveLabel.mqh should be placed in the ‘Include’ folder
Now if you wish to edit the parameters, find ElliottWaveEasyCounterScript in the Navigator window under Scripts. Right click on it and select Modify. Scroll down past the copyright and change log info to the parameters (easiest thing to do is just CTRL+F -> “parameters”):
- NUM_WAVES [DEFAULT: 8] – sets the number of waves per cycle. 8 waves are common with Elliott Waves (5 wave pattern in the dominant trend/3 wave pattern in the corrective trend). You can tweak this to your own style and/or use this parameter if separating dominant and corrective wave counts. Valid values are positive integers.
- TEXT_COLOR [DEFAULT: Red] – wave label color. For information on valid values, please refer to the mql4 documentation on color type and web colors.
- FONT_SIZE [DEFAULT: 14] – wave label font size. Valid values are positive integers.
- FONT [DEFAULT: Arial] – wave label font family.
- LABEL_TYPE [DEFAULT: LETTER] – this parameters tells the script whether to use numbers or letters for wave labels. Please note that with numbers, the labels will always increase until there are NUM_WAVES labels and then it will reset to 1. However, with letters, the labels will go from A, B, C, …, X, Y, Z. If NUM_WAVES is larger than the number of letters in the alphabet, the labels will reset to AA, BB, CC, …, XX, YY, ZZ and then to AAA, and so on until NUM_WAVES labels are reached, where it will reset to A. Valid values are NUMERIC, LETTER, and ROMAN.
- OBJ_PREFIX [DEFAULT: WaveCounter_] – the prefix that the script uses when naming objects. Generally, you don’t need to change this parameter unless it conflicts with another program using the same prefix. It’s main purpose is for convenient use with the Chart Object Removal Tool.
Whenever you change any parameters, make sure to press the Compile button when you are done.
It may be desirable to have two scripts (e.g., one for dominant trend wave counts and one for corrective trend wave counts). This is easy to achieve. There are a couple ways to go about this, but the easiest way is probably to Save As when you have the source open. If you right click->Modify on the script in MT4, the source file ElliottWaveEasyCounterScript.mq4 will open. Go to File>Save As and save it as whatever you want (for example, “EWDominantTrendWaveCounter”). After saving, click the Compile button. You can do this as many times as you wish with different names and different parameters. Remember, it is important that each new script have its own object prefix.