Forex Indicator FX5 NeelyElliotWave v1.2 settings:
Forex indicator NeelyElliotWave: a new approach to Elliott waves.
Forex indicator NeelyElliotWave is a graphic representation of a new approach to the analysis of the Elliott Wave Theory, which is described in the book by Glenn Neely “Mastering Elliot Wave” and named Neely’s method.
At the heart of Nile’s method is the concept of monowave, which is a simple price movement until the direction change. Mono waves can be identified by building price highs and lows for the selected period in order of appearance at the beginning and center of the time interval.
Neely Elliot Wave builds on the price chart four monowaves according to data from different time periods:
- Monthly (by default – blue-violet color).
- Weekly (default is green color).
- Daylight (default is blue).
- 6-hour (default is yellow).