NeelyElliotWave indicator: a new approach to Elliott waves
NeelyElliotWave indicator is a graphical representation of the new approach to analysis Elliott wave theorywhich is described in Glenn Neely's book "Mastering Elliot Wave" and is called the Neely method.
The Neely method is based on the concept of a monowave, which is a simple price movement until the change in direction. Monowaves can be identified by plotting price highs and lows for a selected period in order of appearance at the beginning and center of the time interval.
The NeelyElliotWave indicator plots four monowaves on the price chart based on data from different time periods:
- Monthly (blue-purple by default).
- Weekly (default is green).
- Daytime (blue by default).
- 6-hour (yellow by default).
The beginning and end of each monowave is marked with a dot.
According to experts of fortrader.org, the NeelyElliotWave indicator will be useful for traders who build their trading strategy on the Elliott Wave Theory and will help to increase its effectiveness.
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