Elliott Wave Pro

Elliott Wave Pro

Elliot Wave Pro is an MT5 indicator that automatically detects Elliott Wave structures (impulse and corrective behavior) and calculates key Fibonacci-based retracement/limit levels from the most recent completed wave.

It helps turn wave structure into a tradable setup: enter on the pullback, target Wave 1, and place your stop beyond the wave high / invalidation level.

That gives you a clear risk-to-reward model where a single valid setup can outweigh multiple small losses.

In short, it shows where to enter, where to exit, and where the wave idea is no longer valid.

The indicator exposes its latest wave points and Fibonacci levels directly in the MT5 Data Window for fast decision-making and for use in alerts/EAs.

Data Window values explained

Elliott Wave points (price levels)

• EW_Wave1
  Price level of the detected Wave (1) point in the most recent wave sequence.

• EW_Wave2
  Price level of the detected Wave (2) point (correction after Wave 1).

• EW_Wave3
  Price level of the detected Wave (3) point (main impulse leg reference).

• EW_Wave4
  Price level of the detected Wave (4) point (correction after Wave 3).

• EW_Wave5
  Price level of the detected Wave (5) point (impulse completion reference used for projections).

Fibonacci levels (projected from the latest wave range)

These levels are derived from the measured wave range and projected from the latest wave end as reference retracement/limit levels:

• EW_Fib500
  50.0% retracement level.

• EW_Fib618
  61.8% retracement level .

• EW_Fib764
  76.4% deeper retracement level.

• EW_Fib854
  85.4% extreme retracement / validity threshold level used to judge whether structure is breaking.