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Elliott 5th Wave Finder

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Our Price: $250.00
 
Platforms:

Tradestation

eSignal

MultiCharts

Description: The Wave 5 Start indicator looks for the end of Wave 4 of a characteristic Elliott Wave pattern and marks that point on the price chart with a large colored dot. The dot will be magenta above the bar high if it marks the beginning of a Wave 5 down. The dot will be dark green below the bar low if it marks the beginning of a Wave 5 up. This point has been found to have a high correlation with potentially significant moves following a Wave 4. The sensitivity of this tool is controlled by the SENSITIV input variable, as described previously in the section on the Zig Zag method of identifying swings. The Zig-Zag indicator is a tool which connects alternate swing highs and swing lows as defined by a price reversal in excess of a predetermined multiple of the average true range of the price bars. This multiple is a user-controlled input value, SENSITIV. A SENSITIV value of 1 will display swings of the smallest magnitude, while a SENSITIV of 10 will display only very major swings. Typically, to display roughly 5 – 8 swings in a chart window, a SENSITIV value of around 3 to 5 will work with charts of any tradeable in any price range, with a chart bar spacing of around 4 to 6. This method assures that a swing high will always be followed by a swing low and is very effective in most dynamic swing analysis studies. Many of the studies in the Swing Trader’s Tool Kit utilize this method for identifying swing highs and lows, including the AutoFib studies, Linear Regression Channels, Andrews Pitchfork, and Arps “Fox” Waves.
 

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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

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