Introduction to MQL5

How to Use the Elliot Waves Oscillator MQ4 Yellow Bar for Forex Trading

5 min read

The Elliot Waves Oscillator (EWO) is a powerful forex trading tool that helps Forex and CFD traders to identify and maximize trend momentum. It works by tracking patterns of bars in the price action of a currency pair – when the yellow bar is above the oscillator it indicates a buy signal and when it is below it signals a sell signal. The user can also customize the intensity and width of the bars for enhanced accuracy, helping them to better identify trading opportunities. The EWO can also be used to help traders identify significant levels of market support and resistance, allowing traders to execute high probability trades and maximize their profits.