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Full Version: Requesting Elliot Wave Indicator
hi, may I say first of all that I am very satisfied with the indicators in the VT system, however I believe that the only indicator really missing here is Eliot Wave, can you please add that to the system?
I believe is a very important one.

2) A bar counter would also be great, by that I mean a counting device that tells you when a new candlestick is going to appear.

And with this two tools I could really say that your sytem is perfect!


There is currently an "Elliot Oscillator" indicator available in VT. If this is not what you are looking for, would you please be a bit more specific (perhaps a screenshot or reference URL). Thanks!

where the roman numbers ( I II III IV V) tells you the waves that the trand will take
ps: are you a user like me or a tech person?

Ah, ok. Currently it is not possible to automatically display text on the price chart or within the indicator frames to do what you are asking. However, if you are familiar with Elliot wave counts you can label the price waves (or the peaks/troughs in the Elliot Oscillator) using the symbol button (or comments button) located in the VT Navigator Window.

I have passed along your suggestions for this type of functionality for consideration.

PS -- I am the administrator of these boards (providing VT tech support here), but yes, I am also a forex trader.

I see, well I was really looking forward for the elliot waves indicator, but I guess is not easy to set it up on a chart...
what about the bar counting indicator that tells when new candlestick will appear? is there a way to get this tool in the VT system, that will be really a fine touch!
and good luck with your investments.
Hello netra,

Yes, elliot wave counts tend to get very complicated because there are the main wave counts, sub-waves, and then you have alternate wave counts, etc. :-)

Candles themselves are a measure of time on the charts. I'm not exactly sure what you are referring to in a "bar counting" indicator. Do you mean like a type of timer/countdown showing how much time remains in each candle?

When I think of bar counting, I think of fibonacci time series or Lucas numbers (just as examples) in an attempt to identify market cycles or turning points. VT can plot fibonacci time targets by using the vertical fibonacci button (located directly above the horizontal fibonacci button in the VT Navigator window). It works very similarly to the horizontal fibs. Doing a quick search in your favorite search engine for fibonacci time targets should provide some interesting results.

It has been awhile since I read about it, but in Kaufman's book (cant recall the name) he gives the formula for 3 Elliot Wave indicators.

( the MarketScope charts on FXCM have these indicators but I and a multitude of others believe there is something wrong with the way they have set them up, and FXCM was unwilling at the time to check into it)

Hi Lou,
I am very familiar with the FXCM Elliot wave counter. You are right Lou, it does not work, I think their intention was good but (actually the idea is great) but if you use it to trade your going to get killed. I have not used that platform in a long time so I do not know if they have improved it but i will say that the VT platform is much superior to all of them. Actually the only thing that I hate is that it does not have its own background, you have to see the back of your screen. Said all that it is still the best, and where the hell do you get this kind of support.
I did find this code for the elliot indicators
It is Easy Language code. It would be nice if someone could program it for VT,

{Find the Elliott Wave Oscillator (EWO)}
vars: mean(O);
mean = (high + low) / 2;
EWO = 0;
if @average(mean,35) <> 0 then EWO = @average(mean ,5) - @average(mean,35);

{Find the trend using EWO}
inputs: period(numeric), trigger(numeric);
vans: trend(O), osc(O);
osc = EWO;
if osc = @highest(osc,period) and trend = 0 then trend = 1;
if osc = @lowest(osc, period) and trend = 0 then trend = -1;
if @1owest(osc,period) < 0 and trend = -1 and osc >
-l*trigger*@lowest(osc,period) then trend = 1;
if @highest(osc,period) > 0 and trend = 1 and osc <
-l*trigger*@highest(osc,period) then trend = -1;
EWTREND = trend;

{Find the current wave using EWTREND and EWO}
inputs: periodtnumeric), trigger(numeric)
vars: ET(0), mean(O), osc(O), wave(O), hiosc(-999),
hiprice2(-999); osc = EWO;
mean = (high + low)/2;
(Is the current wave sequence up or down?) ET = EWTREND(period,trigger);
(When the trend changes from down to up, label it wave 3 and save the
current osc and price) if ET = 1 and ET[1] = -1 and osc > 0 then begin
hiosc = osc;
hipr ce = mean;
wave = 3;
{If wave 3 and the oscillator make new highs then save those values}
if wave = 3 then begin
if mean > hi price then hi price = mean;
if osc > hiosc then hiosc = osc; (Test for the beginning of wave 41
if osc <= 0 and ET = 1 then wave =4;
{Test for the beginning of wave 5}
if wave = 4 and mean = @highest(mean,5) and osc >= 0 then begin
wave = 5;
hiosc2 = osc;
hi pri ce2 = mean;
if wave = 5 then begin
if osc > hiosc2 then hiosc2 = osc;
if mean > hiprice2 then hiprice2 = mean;
{Test for wave 5 becoming wave 3}
if wave = 5 and hiosc2 > hiosc and ET = 1 then begin
wave = 3;
hiosc = hiosc2;
hi price = hiprice2;
hiosc2 = -999;
hiprice2 = -999;
(Identify a wave 3 down while in wave 5}
if wave = 5 and ET = -1 then begin
wave = 3;
hiosc = -999;
hiprice = -999;
hiosc2 = -999;
hiprice2 = -999;
end ;
{Return function value}
EWO = wave;
Hi friends

I am very satisfield with VT , but i think , this software could be running better with EWTrend, EWN and EWO indicators working togheter, like a trading system. I hope for them , in next future. how about it ?

good trades for all .
I am told by a reputable source that your code is not compleate(I could be wrong)

I can't get anyone to program the indicators. Anyone here who want to make a VT system out of them?
I would also like to see the three Elliot Wave Indicators added to VT. I've found them in other forex trading platforms but VT is by far the best platform I've seen yet.


I dont mean this as a put down. But I fully beleive the VT Trading programming system is horribly flawed. More flawed than even my bad spelling. laugh.gif

* Administrator Note: Text edited to remove comments about forex brokers. The discussion of forex brokers is not allowed on these forums. Thank you.

I have gone way off my point here. I dont like the programming system in VT. But I do like that the programmers had enough sense to enable people to write programs that interface with their software unlike most other companies. This is their strong point. biggrin.gif

Once again, I was moving away from my point. I am quite good at Excel programming, and if you were willing to abandon the VT programming system and trading system to use Excel, I am almost sure that I would be able to program the EW system on Excel because the language there is much more full featured AND WELL BETTER DOCUMENTED! tongue.gif

I personally am programming my own indicator and systems using a combnation of VT (Only to get the quotes and make trades), laugh.gif and Excel, to do my programming. biggrin.gif Once I get them out of the way in a few weeks, and some other work I have to do for a few people who have contracted me to program indicators for them too using the combination of tools, I will be happy to take on this as a pet project. smile.gif

Please be understanding if this takes some time to accomplish as you are getting it free where most people pay me moderately well for my work. :wink: And I am a family man which means I need to put food on the table for the wife and cat before I can put free indicators on the forums for the VT users! :wink: :wink:

If and when I can do this little project, I will post it in the new indicators posting forum, complete with excel spread sheet and charts, of course you wont be able to place trades unless you use the VT system but I will set up excel to open and close trades automatically. I dont know if the forum will allow me to post excel spread sheets with macro programming involved due to the potential for virus spreading and other harmful things. But if you want it bad enough take out the boxing gloves with chris! laugh.gif If he agrees I will post it when finished. If not, perhaps he will allow us to exchange e-mails and I can do it for you directly when I get time. If that happens, you will get a trading system, not back-up support or any kind of super guarentee. Its free remember and you get what you pay for! :wink:

Good luck with your trading!
Mr. Francis Rodgers
I am hoping somebody could help me to add some Elliot Wave indicators to VT.

1. Elliot Wave oscillator (EWO) (allready exists in VT)
Parameters: hasnít parameter.
Calculation: EWO (i) = MVA((high + low) / 2, 5) - MVA((high + low) / 2,

2. Elliot Wave trend (EWTREND)
Parameters: N - number of periods, TR - trigger.
Calculation: EWTREND (i) = f (last(i), high(i), low(i), TR), where f is
logical expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).

3. Elliot Wave number (EWN)
Parameters: N - number of periods, TR - trigger.
Calculation: EWN (i) = f (last(i), high(i), low(i), TR), where f is
logical expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).

Hi everybody, happy 2006

I have a indicator called elliot wave signals installed in my metastock, well i d like to see it in vttrader plataform, is it possible ?

it works very well ,here is the formula for metastock :

{ User input }
pr:=Input("Elliot Wave minimum % move",

{ Elliot Wave engine }



{ Buy/Sell Elliot Wave stuff }

{ Plot on own window }

sikorski: VTtrader does not currently have the internal functions available to recreate that indicator.


I believe someone created Elliot Wave counter for VT. Please see picture. Trade analysis based on VT Elliot Wave counter Indicator one can see on [URL removed by forum admin; 3rd party links are against forum policy.] and search for lancelot41. It is well done and looks like on e-signal....

I hope Chriss and his team willl get enogh motivated and make it available for rest of us with no excuses...


[Screenshot removed by forum admin due to watermark logo in screenshot; that also means the screenshot is copyright by its owner and shouldn't be posted elsewhere online]

mima: Before removing the links from your post, I took a look at the URL and the linked websites from that user. It's Elliot Wave analysis, but it is NOT an indicator as far as I can tell. VT Trader's programming language doesn't have the ability to create an indicator (or trading system) that would display that type of data in the chart window. It's my personal opinion that the analysis shown in those screenshots and the user's accompanying commentary is all done manually.

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