MetaTrader 5 Help

MetaTrader 5 HelpPrice Charts, Technical and Fundamental AnalysisAnalytical ObjectsElliott Tools

Elliott Tools

Elliott tools can be applied to a price or indicator chart using the "Objects — Elliott" items of the "Insert" menu or the "Line Studies" toolbar.

Two types of Elliott tools for displaying waves are available in the platform: 




Impulse Wave

Impulse Wave

According to Elliott's theory, impulse waves create a directed trend (bull or bear) and cause the market to move very actively. Five points are necessary to draw this tool.

Elliott Correction Wave

Elliott Correction Wave

Corrective waves (rollbacks) are characterized by moving against the trend.

Section "Elliott Wave Theory" features theoretical aspect of working with these objects. Practical details are described in section "Construction of waves".