The Eliot Wave Gold Indicator for MT4 is a professional trading tool designed by XARD777, inspired by the power of Eliot Wave theory combined with the GoldBands trend detection system.
It helps traders identify market direction, dynamic support and resistance, and reversal zones using visually clean and accurate color-based trend waves.

Eliot Wave Gold Indicator MT4 chart with GoldBands trend lines
Live chart example of Eliot Wave Gold Indicator with dynamic GoldBands trend system.

What is the Eliot Wave Gold Indicator?

The Eliot Wave Gold Indicator builds on the principles of Eliot Wave theory, detecting major and minor waves in price movement.
It integrates GoldBands, which act as dynamic volatility bands, giving a visual confirmation of overbought or oversold conditions.

This makes it ideal for traders who want to:

  • Catch early trend reversals
  • Detect wave cycles automatically
  • Identify entry and exit zones more precisely

Core Features

  1. Dynamic GoldBands System – Visually tracks price waves with upper and lower trend channels.
  2. Wave Trend Detection – Identifies Elliott wave structures in real time.
  3. Sound & Email Alerts – Notifies traders when a trend changes direction.
  4. Accurate Color Codes – Lime and OrangeRed signals for bullish/bearish momentum.
  5. Multi-Timeframe Support – Works seamlessly across M1 to MN1 charts.
  6. Optimized Smoothing – Uses custom SMA and deviation algorithms for clean visualization.

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How It Works

The indicator uses a GoldBands algorithm and wave smoothing logic to calculate upper and lower trend zones.
When the price crosses these zones:

  • Lime bands indicate a bullish wave expansion
  • OrangeRed bands signal a bearish contraction

Internally, the system checks recent bars to confirm trend direction changes before generating alerts.
It’s compatible with MT4’s email, sound, and popup notifications for live trading.

Benefits of Using Eliot Wave Gold Indicator

  • Simplifies wave analysis with automated detection
  • Ideal for gold, forex, and indices trading
  • Provides early warning for trend reversals
  • Eliminates noise from standard moving averages
  • Works perfectly with Eliot Wave-based trading strategies

How to Install

  1. Download the Eliot Wave Gold Indicator (.mq4) file below.
  2. Open MT4 → Click File → Open Data Folder.
  3. Paste the file in MQL4 → Indicators.
  4. Restart MetaTrader 4.
  5. Drag the indicator onto any chart and enable alerts.

FAQ

Q1: Is the Eliot Wave Gold Indicator free to use?
Yes, it’s 100% free to download and works with all MT4 brokers.

Q2: Does it repaint?
No. Once the wave and GoldBand are confirmed, the signals remain fixed.

Q3: Which markets does it support?
You can use it on forex pairs, gold, indices, and cryptocurrencies.

Q4: Does it work on MT5?
This version is designed for MT4 only. A future MT5 version may be released.