Semi-Automatic Elliott Wave Labeling and Chart Analysis in MetaTrader 5

Summary

This article presents a MetaTrader 5 tool for manually labeling Elliott waves and running automatic analysis on a selected chart region. Users can place labels by dragging them from a panel or clicking near bars; the program attaches labels to nearby swing highs or lows and arranges overlapping labels according to wave level. Users can also edit level styles and rules through configuration files.

For automatic analysis, keyboard controls let users analyze the chart up to or after a selected label, or analyze the full chart when no label is selected. The program can show alternative labeling results for review, distinguish automatic labels visually, and convert them into editable manual labels. The article explains the controls and illustrates workflows with chart examples, but provides no quantitative test of wave-count accuracy or trading performance. Elliott Wave interpretation remains dependent on the labeling rules and user judgment, so the tool supports analysis rather than validating a trade signal.

Key ideas

• Labels can be placed by dragging them from a panel or clicking near chart bars.
• The tool aligns labels with nearby swing points and stacks them according to wave-level precedence.
• Automatic analysis can be limited to chart regions bounded by selected labels or applied to the whole chart.
• Users can inspect alternative wave counts and convert automatically placed labels into editable manual labels.
• The article explains tool behavior but offers no measured evidence that its wave counts predict market moves.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.