Eliot Wave I 5
Eliot Wave I 5 — a MetaTrader 4 expert advisor (trading robot) kept in the Old Kings collection. Its name points to wave counting in the Elliott style. Its source code uses MACD, moving averages, Bollinger Bands and fractals. It moves the stop behind price and can size trades from your risk. It has 16 settings, for example Exit (default true), USEMOVETOBREAKEVEN (default true) and WHENTOMOVETOBE (default 10). Watch it on a demo account for a while — robots can behave differently with each broker. Inside: 1 EA file with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Expert advisor · MT4 · v1.0 · Free
About Eliot Wave I 5
Eliot Wave I 5 is an expert advisor (trading robot) for MetaTrader 4 based on MACD, Moving Average, Bollinger Bands and Fractals. It moves the stop loss behind price (trailing stop / break-even) and can size trades from your balance and risk percent. It has 16 settings, such as Exit, Usemovetobreakeven and Whentomovetobe. MQL source code included.
Files in the download: Eliot Wave I.mq4.
Trading robots can lose money. Check every setting and test on a demo account before using real funds.
Settings
| Setting | Default | What it does |
|---|---|---|
| Exit | true | Enable Exit strategy |
| Usemovetobreakeven | true | Enable "no loss" |
| Whentomovetobe | 10 | When to move break even |
| Pipstomovesl | 5 | How much pips to move sl |
| Lots | 0.01 | Lots size |
| Maximum risk | 0 | Risk per trade (percent of balance) |
| Decrease factor | 0 | |
| Trailing stop | 40 | TrailingStop |
| Stop loss | 200 | Stop Loss |
| Magic number | 1234 | MagicNumber |
| Take profit | 200 | TakeProfit |
| Fast ma | 1 | FastMA |
| Slow ma | 5 | SlowMA |
| Mom sell | 0.3 | Momentum_Sell |
| Mom buy | 0.3 | Momentum_Buy |
| Fractal num | 10 | Number Of High And Low |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Experts.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the expert advisor from the Navigator onto a chart, check the settings, allow Algo/Auto Trading and press OK.
- Test it first on a demo account or in the Strategy Tester.
Tags: Trailing Stop & Break-even · Risk & Lot Size · MACD · Moving Average · Bollinger Bands · Fractals · MT4 Expert Advisor · MQL4 Source Code