Elliot Fibonacci Indicator for MT4 and MT5

Written by Dominic Walsh · Published 4 Jun 2026 · Last updated 21 Sep 2026

One wave in the count gets more attention than the rest, and this tool aims at it directly. The elliot fibonacci indicator finds a three-pivot impulse, measures how deeply the pullback retraced the first leg, and projects the two common extensions from the point that pullback ended.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: Wave3 Buy, Wave3 Sell
Alerts	popup
Inputs	10

A look at the plots

Two marks on price plus drawn levels.

`Wave3 Buy` prints deep sky blue using arrow 233.

`Wave3 Sell` prints orange red using arrow 234.

`InpFibColor` `clrGold` is the tint on the pull-back levels.

`InpExtColor` `clrMagenta` is the tint on the two far levels.

Every object name starts with `InpObjPrefix` `”EFI_”`.

• Wave3 Buy: arrow, deep sky blue, width 2, arrow code 233
• Wave3 Sell: arrow, orange red, width 2, arrow code 234

Following the source

Three pivots

`InpFractalLen` `3` bars either side define each one. Three consecutive alternating pivots give a leg and the pullback that followed it, which is all the measurement needs.

The size filter

`InpMinLegPct` `0.0015` demands the leg be at least that fraction of price. Roughly fifteen pips on a major pair, which discards the legs too small to measure usefully.

How deep it pulled back

The pullback divided by the leg gives the retracement. That ratio decides whether the shape qualifies, and the projections then run forward from the pullback’s end.

Reading it on a live chart

Gold lines mark where price pulled back to.

Magenta lines mark the two far targets.

`InpDrawProjection` turns that second pair on or off.

`InpLookback` `220` bounds how far back it scans.

Every pivot confirms three bars late.

A mark lands where the shape finished.

Alert channels in this build: popup, one message per closed bar.

`InpAlertOnNew` `true` raises a terminal message when a fresh shape completes on a closed bar. That terminal message is the only destination this build offers, since no handset, mail or audio route exists in its panel.

Every Elliot Fibonacci Indicator input

Core settings

Setting	What it does	Default
InpFractalLen	Fractal length (bars each side). Bars either side defining a pivot, `3`.	3
InpLookback	Bars to scan back for impulse legs. Bars scanned for impulse legs, `220`.	220
InpMinLegPct	Min Wave1 leg size (% of price). Smallest leg accepted, as a fraction of price, `0.0015`.	0.0015
InpObjPrefix	Prefix on every object name, `”EFI_”`.	EFI_

Display settings

Setting	What it does	Default
InpDrawFibLines	Draw Fib retracements. Draw the retracement levels, `true`.	on
InpDrawProjection	Draw 1.272 / 1.618 projections. Draw the two far levels, `true`.	on
InpFibColor	Colour of the retracements, `clrGold`.	gold
InpExtColor	Tint on the two far levels, `clrMagenta`.	magenta
InpFibWidth	How heavy those lines draw, `1`.	1

Alert settings

Setting	What it does	Default
InpAlertOnNew	Speak when a new shape completes, `true`.	on

Matching it to your chart

Two hundred and twenty bars has to contain three clean pivots for anything to draw. EURUSD H1 is the reference chart, covering about nine days. On M5 the pivots are noise. On H4 a single shape can span two months.

What it misses

Three pivots can be found in most price histories.

The wave count here is a shape, not a full count.

A projected level is a price, not a promise.

Every pivot confirms three bars after the fact.

Copy the compiled Elliot Fibonacci Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Fibonacci Retracement Strategy.

Background reading on the method behind the Elliot Fibonacci Indicator: Elliott wave principle on Wikipedia, Elliott Wave Theory at Investopedia.

Download the Elliot Fibonacci Indicator for MT4 and MT5

The zip holds the compiled Elliot Fibonacci Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What three pivots does InpFractalLen 3 need?

Three alternating turns in a row, each confirmed by three bars on either side. The first two give the impulse leg and the third marks where the pullback ended, which is the anchor for everything projected.

What does InpMinLegPct 0.0015 rule out?

Legs smaller than about fifteen pips on a major pair. Measuring a retracement of a tiny move produces a ratio that means nothing, so the filter keeps the tool aimed at swings with some size.

Which two lines does InpDrawProjection add?

The 1.272 and 1.618 extensions of the measured leg, both running from the point the pull back ended. Those two are the figures most often watched when a third wave is due.

Where does a Wave3 Buy arrow land?

On the bar where the three-pivot shape completed and passed the size filter. It marks the shape being recognised rather than the start of the move, which by then is already under way.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Elliot Fibonacci Indicator as one input. Always backtest before trading live.