"

FX5_NeelyElliotWave

by Dr.Hamdi Boukamcha
Name:
FX5_NeelyElliotWave
Author: FX5 (2007.07.31 10:35)
Downloaded: 15466
Download:
FX5_NeelyElliotWave   FX5_NeelyElliotWave_v1.2.mq4 (18.7 Kb) View
In his book “Mastering Elliot Wave”, Glenn Neely described a new approach to Elliot wave analysis. This technique is known as Neely Method and it is a more objective approach to market wave analysis.

The basic unit in this theory is called a Monowave and it is simply the movement of the price until it changes direction. Monowaves can be identified by plotting the high and low prices for a chosen period according to the order of appearance on beginning and the center of the time slot.

FX5_NeelyElliotWave

There are many levels for this concept and they have different names such as: Monowave, PolyWave, Multiwave, and Macrowave.

The indicator plots various levels of Monowaves on the various timeframes. The beginning and the ending of each monowave is marked by a dot or a small circle. There are four level plotted in four colors:

Monthly (default color BlueViolet).

Weekly (default color Green).

Daily (default color Blue).

Quarter Daily (default color Yellow).

All the colors can be changed through the indicator’s settings.

FX5_NeelyElliotWave

I hope this indicator proof to be a useful tool.

Good Luck.

15 comments: 1 2   To post a new comment, please log in or register

emmauk:
Like what Shillox said in his submission, I would accept and talk on one and leave one. I would not want to talk on the statement on this being 100% accurate as he said. Because, if it is, then it is a Holy Grail. Do I think anything is 100% in reality? I am not sure I ever known or seen such. But I think I would rather say it is the greatest indicator I have ever come across.

On his statement of it being slow, I would beg to disagree because it is………

 

Emmauk,

Is the a way you can educate me/us on the use of this indicator?

Sent a PM about a couple of months now without response.

 

Thanks in advanec!

10.02.2013 22:21 shilox

Like what Shillox said in his submission, I would accept and talk on one and leave one. I would not want to talk on the statement on this being 100% accurate as he said. Because, if it is, then it is a Holy Grail. Do I think anything is 100% in reality? I am not sure I ever known or seen such. But I think I would rather say it is the greatest indicator I have ever come across.

On his statement of it being slow, I would beg to disagree because it is never. The ‘daily wave’ closes and projects on the close of the daily candle. The ‘weekly Wave’ closes and project with the close of the weekly candle on Sunday night. So I do not agree and it has never happen that it will or has been slow. No. Also on Balflear saying it plots ‘crazy monowaves’, I think it has to do with his chart loading. It is from his end there. It seems his chart has not fully loaded. He should toggle in between TF so that his chart will load well.

My only fear in using this indicator, is in being able to understand it projections as it gives. I am saying this because FX5_Elliott is but the best and among the fewest good indicators out there. It is in fact. it is correct and accurate almost all the time, only that one needs to understand its projections and readings. It is in fact the main indicator on which all my trade decisions are made, and I always find at the end of the trades that it is but correct, wise and good. It is just simply good. I personally have not gotten to read the main book “Mastering Elliot Wave”, written by Glenn Neely himself, on its principle and usage but I have used this indicator for over a very long period of time. And from the way it worked on my demo, which I am now using on my live account is just amazing and the outcome- lovely.

I can only say that on reading the projection, one need to know and understand that it has “Reversal” and “Extension”. There are the ways it will show, you will understand that is it an Extension arm or a Reversal arm. Like me, I watch it on all my four pair to make up my mind on the actual reading

On the settings, I like to enable the CustomsDailyClose so that it will project on Mondays

All we need to tell the writer- FX5 is that Almighty will bless him beyond BLESSINGS. He has written one of the very few indicators that has the real meaning and interprets that which it is meant to do. I attribute all my winning trades to you and your prowess. Thank you uncountable times.

 

09.09.2012 07:03 emmauk

Hi,

Like Shilox said in his submission, the FX5_Elliott is but the best and among the fewest good indis in this website. It is infant it is almost 100% correct and accurate all the time, only that one needs to understand its projections and readings. It is in fact the main indicator on which my trade decisions are made is it, and i always find at the end of the trades that it is but correct, wise and good. It is just simply good. I personally have not gotten to read the main book written by Neely, on its principle but the way it worked on my demo, which i am now using on my live account is just amazing and the out come- lovely..

All we need to tell the writter- FX5 is that he MUST BE BLESSED by Almighty beyound BLESSINGS. He has written one of the very few indicators that has meaning and interpret that which it is meant to do. Thank you a Million and more. I attribute all my wining trades to you and your prowess. Thank you uncountable times

03.09.2012 17:10 emmauk

Great job! this indicator is a very good trading tool.

Lots of things happen when using this tool, first when i used it on strategy tester, it was 100% accurate, but when it came back to the live market it was so slow, doesn’t even have an idea what is going on.

only on one occasion did it give me accurate analysis like it does when testing it’s strategy and i discovered that it was when i changed server that the accuracy came up. Now the question is how would one get to make sure its up to date in analysis and forecast?

Is there any way to get broker server for more accurate analysis? Is there an updated version of FX5_NellyElliotWave.mq4?

05.06.2011 17:56 shilox

Hi

Could you please modify this indicator so that both low and high of the timeframe t(i) are shown on the t(i) in the order of precedence. That would be better.

Regards

22.11.2007 11:46 mkamil34

Hi, good job on coding neowave chart

Ive been testing it for a while, Ive notice some bugs or is it?

1. When I scrolled the chart far back, the indicator plot crazy monowave. Here the screeshot:
FX5_NeelyElliotWave

In order to repair back the plot, ive need to reset back the indicator.

2. When Im testing using only daily monowave, The indicator plot the daily monowave on timeframe h1 and h4 diffrently! (havent compare lower timeframe though).

This is the manually drawn chart on excel as instructed by Gleen Neely as comparison: Note that I havent plot the monowave, the dot represent the price of daily high and low, not the monowave.
FX5_NeelyElliotWave

Here the h1 and h4 chart:
FX5_NeelyElliotWave

FX5_NeelyElliotWave

As you can see, h4 have more monowave than h1 chart but h1 chart is almost similar to the manually drawn chart. This is because on manually drawn ive include the sunday candle/bar else on the h1 chart the sunday and monday the indicator combine them.

But I have no idea why h4 chart plot diffrently.

01.11.2007 18:50 balflear

Sart wrote:
Maybe, yet , I try to plot monowaves using (H+L)/2. When so, no any additional indicators are nesessary – simply take SMA with period 1 and price (H+L)/2.

In ideal case, in my opinion, data point should be Tick’s price average for chosen period… But, if so, additional preparatory work is needed. Would you like to say something on this ?

Best Regards.

Using midpoints is a good way to identify Elliot waves, and this approach was advertise by Walker Myles. However Neely’s stressed on using a uniform standard method for identifying and numbering the waves; this method depends on the idea of monwaves.

If you want to use midpoint then you are following the conventional classical school of Elliot wave analysis. The school founded by Prechter, Frost, and others. On the other hand if you want a more objective method then you have to stick with Neely’s rules.

It doesn’t matter which school you follow as long you fully understand the basic principles of Elliot wave analysis.

Good Luck,

04.10.2007 05:28 FX5

FX5 wrote:

Sart wrote:
But see Fig. 2-5, page 2-8 in this book…
Regards…

I don’t see any contradiction in this part of the book. The figure is illustrating the importance of the High and Low values and how their order should be considerd.

Maybe you are reffering to Fig 2-4a&b on page 2.7 which illustrates the insufficiency of the close prices in descriping the price movement in a specific period.

 

Maybe, yet , I try to plot monowaves using (H+L)/2. When so, no any additional indicators are nesessary – simply take SMA with period 1 and price (H+L)/2.

In ideal case, in my opinion, data point should be Tick’s price average for chosen period… But, if so, additional preparatory work is needed. Would you like to say something on this ?

Best Regards.

04.10.2007 03:26 Sart

Sart wrote:
But see Fig. 2-5, page 2-8 in this book…
Regards…

I don’t see any contradiction in this part of the book. The figure is illustrating the importance of the High and Low values and how their order should be considerd.

Maybe you are reffering to Fig 2-4a&b on page 2.7 which illustrates the insufficiency of the close prices in descriping the price movement in a specific period.

 

04.10.2007 00:46 FX5

FX5 wrote:

Sart wrote:
It is strange, but Neely said – data points sush as High and Low are not proper ones for Monowave plotting…
What do you thing, if such points would be tick’s middle for chosen period ?

Regards.
S.D.

This is a quote from Neely’s book, chapter 2: General Concepts, what data should be used to analyze waves?

“The use of closing prices on monthly, weekly, daily, or hourly basis is the most unreliable way to track development of a market from an Elliot wave standpoint. The closing price of a market has little to do with the action which took place intra-monthly, weekly, daily, or hourly. It will not give you any idea of how high or low the market traded during a particular period, thus making it virtually impossible to apply the wide range of pattern spicific criteria presented in this book … . ”

Regards,

But see Fig. 2-5, page 2-8 in this book…
Regards…

Share this article

Leave a comment