You’ve probably heard the phrase “the market moves in waves”. But actually catching those waves in real time? That’s where most traders trip. If you’ve ever tried drawing Elliott Wave counts manually, you know it’s tedious, subjective, and sometimes plain confusing. Enter the Elliott Oscillator Indicator V1.03 MT4—a lightweight, free tool available at ForexFactory.cc, powered by YoForex.


This indicator helps traders visualize Elliott Wave cycles directly on MT4 charts, highlighting momentum shifts and confirming impulses vs. corrections. No repainting tricks, no bloated dashboards… just clean, useful oscillator data to simplify your wave counts.


Overview


The Elliott Oscillator Indicator V1.03 MT4 is built for traders who use Elliott Wave Theory to forecast market behavior. Instead of relying purely on visual pattern spotting, this indicator uses a smoothed difference between two moving averages to display market rhythm. Peaks and troughs in the oscillator correspond to Elliott impulses, while smaller ripples suggest corrective waves.


YoForex has tested this release across popular forex pairs like EURUSD, GBPUSD, USDJPY, and XAUUSD, as well as indices. On M15–H4 timeframes, the oscillator consistently gives an early edge in identifying whether a move is impulsive or corrective. That means you can cut through some of the subjectivity that plagues manual Elliott analysis.


Key Features


• Visual confirmation of Elliott Waves directly on MT4
• Oscillator values derived from moving average differences
• Helps identify impulsive vs. corrective phases
• Works on all forex pairs, gold, and indices
• Compatible with M1–D1 timeframes (best on M15–H4)
• Non-repaint indicator for reliable backtesting
• User-friendly inputs, customizable colors and levels
• Lightweight code—no MT4 lag even on multiple charts
• Ideal for Elliott practitioners & wave-based strategies
• Free lifetime updates from YoForex via ForexFactory.cc


Backtest Proof & Practical Use


While indicators like this aren’t “tested” in the same way as an EA, YoForex ran the oscillator alongside our Elliott-based trade setups from 2019 through 2024. Results showed that trades filtered with the Elliott Oscillator V1.03 had a higher probability of catching impulsive moves early.


For example, when the oscillator surged to fresh highs on EURUSD H1, wave counts often lined up with the start of wave 3—traditionally the strongest wave. Conversely, fading oscillator readings frequently signaled the exhaustion of wave 5 or an ongoing correction.


In live trading, the indicator is especially useful when combined with Fibonacci retracements. A strong oscillator peak lining up with a Fib extension often confirms the impulsive wave’s power.



Suggested images for the blog page:



  1. MT4 chart with Elliott Oscillator applied (alt: “Elliott Oscillator Indicator V1.03 MT4 showing wave pattern signals”).

  2. Oscillator peak alignment example (alt: “Impulse vs correction identified by Elliott Oscillator MT4”).


Installation & Setup



  1. Download the file from ForexFactory.cc →
    https://forexfactory.cc/download/elliott-oscillator-indicator-v1-03-mt4/

  2. Copy the .ex4 or .mq4 file into:
    File → Open Data Folder → MQL4 → Indicators

  3. Restart MT4 or refresh the Navigator panel.

  4. Drag and drop the Elliott Oscillator onto your chart.

  5. Adjust input parameters (periods, colors, levels) as per your preference.

  6. Combine with Elliott Wave counts or Fib levels for stronger signals.



Why Choose YoForex Tools?



  • Transparent, no-cost access to indicators and EAs

  • Free lifetime updates as market conditions evolve

  • An active community of traders sharing reviews and strategies


Support & Disclaimer



Disclaimer: Indicators are tools, not guarantees. Past performance isn’t future performance. Always demo-test before relying on the Elliott Oscillator for live trades.


Call to Action


Ready to simplify your Elliott Wave analysis?
Download Elliott Oscillator Indicator V1.03 MT4 today—100% free on ForexFactory.cc.


Whether you’re learning waves or fine-tuning advanced strategies, this tool helps you confirm the rhythm of the market without second-guessing your counts.


Quick Specs



  • Platform: MT4 (MetaTrader 4)

  • Version: 1.03

  • Pairs: All forex, gold, indices

  • Timeframes: Works all; best M15–H4

  • Strategy Fit: Elliott Wave traders, momentum confirmation

  • Updates: Free via ForexFactory.cc


FAQ (Schema Friendly)


Q1: Does the Elliott Oscillator repaint?
No—it’s a non-repainting tool, so backtests remain accurate.


Q2: Which timeframes are best?
M15–H4 gives the clearest Elliott signals.


Q3: Can it be used for gold?
Yes, XAUUSD is supported and often aligns well with Elliott impulses.


Q4: Is it beginner friendly?
Yes—just install, attach, and watch the oscillator to confirm wave counts.


Q5: Where can I get support?
Via WhatsApp or Telegram—YoForex support is free and quick.


Happy Trading