EWM
EWM (Elliott Wave Markup) is an interactive charting utility for manual Elliott Wave analysis and annotation on MetaTrader 5. It provides tools for drawing, dragging, and managing wave labels, pitchforks (Andrews), and performing automated wave pattern recognition via the EWA module, but does not open trades on its own.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
This EA is not an automated trading strategy but an interactive Elliott Wave analysis and annotation tool. It consists of three core modules: the EWM module handles wave label drawing, dragging, level navigation, and deletion; the EWA module performs automated wave pattern recognition and variant selection; the P module manages Andrews pitchfork drawing and updating. Users can navigate between wave levels via keyboard shortcuts (up/down/prev/next), initiate left or right-side automated wave analysis, and cycle through multiple analysis variants. Entry and exit conditions are entirely determined by the user based on their wave analysis interpretation—the EA contains no position sizing or money management logic whatsoever. The tool also supports showing/hiding auxiliary annotations such as horizontal lines, price labels, vertical lines, and provides a chart template copy function.
Strengths
- Provides comprehensive Elliott Wave manual annotation and automated analysis, ideal for wave theory practitioners
- Rich keyboard shortcut support enables efficient wave level navigation and variant switching
- Integrated Andrews pitchfork tool offers multi-dimensional technical analysis assistance
- Chart template copy feature facilitates reusing analysis configurations across different charts
- Responsive to object drag and delete events, delivering a smooth interactive experience
Weaknesses
- Contains no automated trading logic—users must rely entirely on their own judgment for trade decisions
- All parameters are hardcoded constants with no configurable EA input parameters interface
- Lacks error handling for object operation failures, template save/load exceptions, etc.
- Heavy dependency on external header libraries (ewa.mqh, ewm.mqh, p.mqh, parser.mqh) limits code readability and maintainability
- No user documentation or built-in help hints, resulting in a steep learning curve for new users
Possible improvements
- Convert keyboard shortcut mappings to configurable EA input parameters for greater customization flexibility
- Add an operation hint panel or tooltips to lower the learning threshold for new users
- Implement error handling and status feedback for object operations and template operations
Risk assessment
Overall risk: Safe
- The EA does not execute any trading operations, posing no financial risk
- Automated wave analysis results serve as reference only and do not trigger trades, but users relying blindly on analysis may make poor subjective judgments
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
PREV_LEVEL | N/A (constant) | Hotkey: switch to previous wave level |
NEXT_LEVEL | N/A (constant) | Hotkey: switch to next wave level |
UP_LEVEL | N/A (constant) | Hotkey: move wave level up |
DOWN_LEVEL | N/A (constant) | Hotkey: move wave level down |
START_MARKING | N/A (constant) | Hotkey: start wave marking |
STOP_MARKING | N/A (constant) | Hotkey: stop wave marking |
START_ANALYSIS_LEFT | N/A (constant) | Hotkey: start left-side auto wave analysis |
START_ANALYSIS_RIGHT | N/A (constant) | Hotkey: start right-side auto wave analysis |
SHOW_SCHIFF | N/A (constant) | Hotkey: show Schiff pitchfork |
HIDE_PITCHFORK | N/A (constant) | Hotkey: hide pitchfork |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.