Elliott Wave EA

The Elliott Wave EA is an automated trading system. This trading algorithm is designed to identify and exploit short-term price movements by analyzing the complex patterns and trends that exist within market data. Unlike other trading systems that require constant monitoring and manual intervention, allowing traders to execute potential trades.

Elliott Wave EA Strategy

The Elliott Wave EA is a trading system that implements an effective strategy based on the Elliott Wave theory. This strategy involves identifying the waves within the market and trading in the direction of the current trend. The EA enters positions on corrective waves and rides the impulse waves to potential trades. The strategy does not use a time filter, which allows the EA to trade around the clock and tries to take advantage of market opportunities as they arise. In addition, the EA is not afraid of news events, as it is designed to handle market volatility and adjust its trading approach accordingly.

To implement this strategy, the EA uses a variety of technical indicators and tools, which identify key support and resistance levels, which can be used to determine entry and exit points for trades. The EA also analyzes the patterns and trends within market data to identify potential trading opportunities.

Elliott Wave EA Features

  • Trades in the direction of the current trend and enters positions on corrective waves, riding the impulse waves to maximize profits.
  • Can trade multiple currency pairs simultaneously, according to the developer.
  • Customizable settings allow traders to adjust the EA to suit their individual trading strategies and risk tolerance levels.
  • Offers a hands-off approach to trading, allowing traders to automate their trading and minimize their involvement in the trading process.

Elliott Wave EA Settings

  • Run Mode – Toggle between old Mode(version 1.30) and new Mode(Version 2.0) optimizations Settings.
  • OneChartSetup – Launching the adviser in several currencies from a single chart. Currency pairs must be separated by “,”.
  • AutoLots – If True, the lot size will rise as the account balance increases.
  • Risk_Mode – Toggle between EquityStepsPer(0.01) and RiskPerTrade.
  • EquityStepsPer(0.01) – balance/equity to be used per 0.01 lot.
  • RiskPerTrade – Risk percentage per trade based on stoploss size.
  • LotSize – Disable AutoLots to use fixed LotSize variable.
  • Maximum Allowed Open Orders – Limit new orders if X number of trades are active.
  • Correlation Filter – Avoid having too much exposure to the same currencies.
  • No NewOrders if FreeMargin is Lessthan (%) – Restrict new orders if FreeMargin fall below “X” %.
  • One Order Type Per Pair (Fifo Rules) – Prevent EA from simultaneously placing a buy and sell order on the same pair.
  • Period Per Trade – Allow just one order for the specified time period.
  • Use External Min/Max StopLoss Settings -If enabled, you can manually change and utilize MinSL and MaxSL, Ea will dynamically decide the best price to place the stoploss between the range Provided. Otherwise, EA will use internal settings
  • MinSL= Set the Minimum allowed dynamic stoploss
  • MaxSL= Set the maximum allowed dynamic Stoploss
  • Add X Pips to StopLoss = add X pips to Dynamic Stoploss
  • Use Manual SL/TP = If enabled, the EA will only exit trades based on the specified stoploss and takeprofit.
  • UseTradingHours = if True, EA will use trading hours
  • News filter = prevent trading during news events.
  • Allow WebRequest for listed URL

Elliott Wave EA Summary

Overall, the Elliott Wave EA executes potential trades for traders, making the trading process easier and less time-consuming. The EA implements a strategy which enters positions on corrective waves and rides impulse waves. Overall, the Elliott Wave EA provides traders with a reliable and effective trading system. However, the EA is designed to handle market volatility and news events, it comes with no guarantee of profit, and traders are advised to use a demo account to test the EA’s performance before committing real funds.

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