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One of the best wave chart pattern analysis forex indicators available is the Elliott wave indicator for MT4. This forex indicator is renowned for having a 100% success percentage.
We may use it to anticipate the future shape of waves in addition to receiving information about previous and present waves.
indicator working:
This indicator functions by looking at historical data and adding a wave to it. It depicts the wave extension after studying the historical data to forecast future prices. The Elliott wave prophet theory is able to accurately forecast markets where new media and politics have a big impact.
The Fibonacci number is used by the Elliott wave indicator for MT4 to forecast the wave’s upcoming levels.
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Forex Indicator Settings:
The following parameters make up the Elliott Wave Prophet indicator’s fairly basic settings:
The Elliot Wave Prophet forex indicator has very simple settings. When we access the indication settings, we may modify the following elements.
DrawFirstLines: Let’s adjust the Elliott wave forex indicator’s wave count based on historical data using Fibonacci numbers.
Changing the color of fixed waves is possible with PaintedColor.
Change the indicator color of the future prediction waves with ProphetColor.
indicator Signals:
The built-in design of the Elliott wave indicator allows it to plot or extrapolate the lines of a current wave into the future. With the help of that line’s forecast levels, we can set our stop loss and take prophet.
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 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
Conclusion:
Especially for newbies, the Elliot wave prophet indication is unquestionably helpful. However, it would be beneficial if you kept in mind that Fibonacci levels are not always accurate and that it employs Fibonacci numbers to determine its wave targets. However, the likelihood of receiving a winning signal increases if you combine it with the Reversal indicator MT4.
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