Forex Indicator Elliott Wave Prophet settings:
The Elliott Wave Prophet indicator is essentially an innovative algorithm designed to assist traders in conducting wave analysis. Also, the indicator to a certain extent is able to predict further price movement, based on already formed waves.
What is even easier? A clear strategy enabling each investor to receive a stable profit. In this case, it is not so simple to determine the exact low or high in practice. To determine the potential of a given level, as well as its ability to act as an important level (support or resistance) and thereby realize areas of local peaks or troughs, market players use a wide variety of technical analysis tools.
Some of these tools in mastering are very simple and do not require any special skills from the user. Others demand that they be given special attention, both during the study and in the further application in practice.
To save a lot of precious time, the trader during automatic calculations when performing all the necessary tasks, apply special technical indicators that greatly simplify the processes of those. analysis in MT4 and MT5. Just the indicator Elliott Wave Prophet and refers to the number of these algorithms.
This algorithm is noteworthy in that it makes it possible not only to analyze the movements that have already occurred, but also to anticipate the market direction through a method proposed in due time by Nelson Elliott.