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I have never seen any free indicator for counting Eliott Waves. I also do not think that anybody has coded one for free.
Elliott Wave Count is a complex task. It is complex, because there are no precise rules. For each chart there are at least five or six wave counts possible - including different timeframes - and in the end one of these scenarios needs to be favoured. This is always a bit subjective.
If you want to code a wave count, you have to follow strict rules. You would start with a zigzag. The zigzag uses a minimum deviation. Soon you will find out that you also have to include complex corrections, if these extend over a longer period, even if they are smaller than the minimum deviation. So this makes you redefine the zigzag indicator. Then apply about 50 rules to the various zigs and zags. The task is time consuming.
The only wave count indicators that work with NinjaTrader and that I have heard are add-ons:
Hi,
You may want to check out Top Dog Trading site. They have custom indicators that include wave count. There are videos of the indicators you can watch... I'm not sure if this is for their clients only or not. You may ask them. I'm a client /student and I can access the indicators video page. The price is about $300.
hi prtester,
thanks for posting this.
can you give us a link to the place where this is posted ? - not only the download but the place it is located.
is it in downloads or in a thread ?
would be nice !
thanks
max
The posted version does not work on NT7. The attached file will work on both NT7 and NT65 (needed to change the DrawText() calls to account for a new parameter added in NT7). Still trying to figure out what it actually does.
