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Manual for the indicator “Elliott Wave Helper” – Other – 20 October 2023

October 20, 2023| Forex Market

The main task of the panel is to simplify and speed up the making of wave and technical analysis. The panel is presented in two versions – for the fourth and fifth versions of the MetaTrader trading terminal.

Before you start using it, it is recommended to download and install a special wave font with circles. You can download it from this link. To activate the font in the external parameters, opposite “IsFontCircle”, select “UseCircleFont” from the drop-down menu.

Wave analysis. Types of available patterns

  • Impulse(1-2-3-4-5)
  • Zigzag/Flat(A-B-C)
  • triangle(A-B-C-D-E)
  • Double combination(W-X-Y)
  • Triple combination(W-X-Y-X-Z)

Wave analysis. Changing Pattern

This is done by clicking on the down arrow in the drop-down menu.

Wave analysis. Change of wave order

There are a total of 9 wave orders, which are responsible for the position of waves in the hierarchy and for their visual display. The down and up arrows located to the left of the pattern name are responsible for this. Between the arrows is the order number.

Choosing colors for patterns and lines

To select a color, click on the large rectangle and then select from the available colors. The selected color will apply not only to the letters and numbers representing wave patterns, but also to the levels and lines of technical analysis.

Making of the wave analasis

In order to build a wave pattern on the price chart, you need to click on the pattern button and activate it. After this, click the required number of times on the screen and the pattern will appear on the chart.

Technical analysis. Types of available elements

  • Segment – “Trend” button
  • Trend line – “Trend” button + pressed “R” button
  • Support and resistance level – “Horiz” button
  • Rectangle – “Square” button. The pressed ‘BG‘ button paints the element
  • Triangle – “Trianlge” button. The pressed ‘BG‘ button paints the element

In order to select one of the elements for construction, click on the drop-down menu, as shown in the picture below:

Making of the technical analysis

The making of technical analysis elements differs from the making of elliott wave analysis. In order to build a line or level, hold down the “Shift” key on your keyboard, and then click on the price chart.

  • Line or segment: Hold Shift + 2 mouse clicks. 1 click – the first point, 2 clicks – the second point.
  • Horizontal support or resistance level: Hold Shift + 1 click at the required level.
  • Rectangle: Hold Shift + 2 clicks. 1 click is the lower left border of the rectangle, 2 clicks is the upper right border (variable).
  • Triangle: Hold Shift + 3 clicks. Each click is responsible for the angle of the triangle.

Technical analysis. Line types

The logic of line type and thickness has been transferred from the trading terminal. The line on the left is responsible for the type of line, the line on the right is responsible for its thickness. Affects the segment, trend line and support or resistance level.

Background and color of rectangle and triangle

Unlike the color of letters, numbers and segments, the color of a rectangle and triangle is configured in the external parameters of the indicator. The parameters “ColorTr” (triangle) and “ColorSq” (rectangle) are responsible for this. The “BG” button is responsible for painting over the figures.

External parameters

  • isFontCircle – Whether or not to enable a special wave font 
  • Selectbutton – Button selection when drawing technical analysis is activated
  • startCoordinateX – X position of the panel
  • startCoordinateY – Y position of the panel
  • colorTracing – Color of stroke lines
  • colorTextBtn – Button font color
  • colorFonTop – The background color of the top part of the panel (with the name)
  • colorNameHeader – Panel title font color
  • colorTracingPopup – Outline color of dropdown menus
  • colorTextBtnPopup – Text color of dropdown menus
  • colorFonButtonPopup – Background color of the dropdown menus
  • colorFonLine – Background color of informative panel elements
  • colorFonButton – Background color of active panel elements
  • colorTr – Triangle background color
  • colorSq – Rectangle  background color
  • Author: Siarhei Vashchylka. For any questions, write to me in private messages. I also recommend subscribing to my updates. To do this, follow the link to my profile and click “Add to friends“.

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