If you’re diving into the world of trading, you’ve probably heard of the Elliott Wave Oscillator. This nifty indicator forms the backbone of our trading system, generating signals based on the direction change of the histogram when a bar closes.
To get started, you’ll need the compiled indicator file, Elliott_Wave_Oscillator.ex5. Just drop it into your <terminal_data_folder>\MQL5\Indicators directory. It's as easy as pie!
One thing to keep in mind is that the TradeAlgorithms.mqh library file is your best friend when using Expert Advisors (EAs) with brokers that offer nonzero spreads. This library also allows you to set Stop Loss and Take Profit right when you open a position. If you want to explore more options, check out additional variants of the library here: Trade Algorithms.
During our tests, we used the default input parameters for the Expert Advisor, and it’s worth noting that we didn’t apply Stop Loss or Take Profit for these trials.
Fig. 1. Examples of trades on the chart
Let’s take a look at our testing results for 2015 on the EURUSD H4:
Fig. 2. Charts of testing results
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