Introduction One of the most popular methods of market analysis is the Elliott Wave Principle. However, this process is quite complicated, which leads us daily elliott wave analysis forex the use of additional instruments. One of such instruments is the automatic marker.
This article describes the creation of an automatic analyzer of Elliott Waves in the MQL5 language. It is assumed that the reader is already familiar with the wave theory, if not, you need to refer to the appropriate sources. Elliott’s Waves – is a theoretical model of market behavior, developed by Ralph Nelson Elliott, according to which all of the price movements on the market are subject to human psychology and are a cyclic process of changes of impulse waves, to the correctional and vice versa. Impulse waves are a sequence of five price fluctuations, corrective waves – a sequence of three or five price fluctuations. The wave models and rules, presented above, correspond only to the the classical notion of the wave analysis. There is also its modern conception, formed during the study of the Forex market. Elliott’s waves: waves of a large degree consist of waves of lesser degrees, which in turn, are composed of waves of much less, and so on.