Omega Wave Count Indicator MT5

Quick Overview

Omega Wave Count Indicator MT5 counts Elliott Waves on your chart automatically, so you no longer have to guess which wave the market is in. It labels each wave, checks it against the Elliott rules and shows where the move may go next and where the count stops being valid.

Best for:

✅ Traders who like Elliott Wave but find manual counting slow and subjective.

✅ Swing and intraday traders who want to join the strong waves 3 and 5.

✅ Traders who need clear Fibonacci targets and a stop-loss reference for every wave.

✅ Beginners learning how impulse and corrective waves really look on a live chart.

What Is Omega Wave Count?

Omega Wave Count is an Elliott Wave indicator MT5 traders use to read market structure without drawing anything by hand. Elliott Wave theory says trends move in 5 waves (1-2-3-4-5) and correct in 3 waves (A-B-C). Developed by EA FX Store for MetaTrader 5, the indicator finds those waves, labels them on the chart and explains the current situation on a dashboard. It belongs to our Indicator collection and does not open trades.

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Key Features of Omega Wave Count Indicator MT5

Automatic wave labels on two degrees

The minor degree labels waves 1-5 and A-B-C on a solid line. The major degree, the bigger picture, uses brackets such as (3) or (B) on a dotted line, so you see the small wave inside the large one.

Built-in Elliott rule check

A count is shown only when it passes the three Elliott rules: wave 2 never retraces past the start of wave 1, wave 3 is never the shortest, and wave 4 never enters wave 1’s price area. Wave 5 must also go beyond wave 3 by default.

Fibonacci targets and invalidation level

Every wave in progress gets three Fibonacci targets (ratios such as 0.618 or 1.618 of an earlier wave) plus one invalidation line. If price closes beyond that line, the count is wrong and the indicator re-counts.

Elliott Score and wave ratios

The dashboard shows an Elliott Score from 0 to 100: 60 or above reads BULLISH, 40 or below BEARISH. Three tiles rate the wave ratios as IDEAL, SHALLOW, DEEP or EXTENDED, so you can judge how textbook the count is.

Wave-coloured candles and Elliott channel

Candles take the colour of their wave: aqua for waves 1, 3 and 5, gold for waves 2 and 4. An Elliott channel and a projection path to the first target help you see the likely route.

Alerts and Telegram

You get a pop-up, push, sound or Telegram message when the count changes, a target is hit or the invalidation level breaks.

Omega Wave Count MT5 Review

How Does Omega Wave Count Work?

🔹 Swings: a ZigZag marks swing highs and lows, ignoring any move smaller than 2 x ATR (ATR = how far price usually moves in one bar).

🔹 Count: the latest swings are tested as a complete 1-5 impulse with A-B-C, then as an impulse still forming, and the best valid count wins.

🔹 Rules: the three Elliott rules and three guidelines are checked and shown on the dashboard.

🔹 Targets: Fibonacci ratios of earlier waves give Target 1-3 and an invalidation price for the current wave.

🔹 Closed bars: waves are calculated on closed bars only, and alerts fire once when something changes.

How to Trade with Omega Wave Count Indicator MT5

The best-known Elliott trade is joining wave 3 or wave 5 after a correction ends. Use the steps below as a starting point and test them on a demo account first.

BUY setup

🔹 Step 1: the major degree shows a bullish wave (▲), and the dashboard’s CURRENT WAVE reads WAVE 2 or WAVE 4 in a bullish impulse.

🔹 Step 2: price reaches the shaded Fibonacci zone, and W2 RETRACE or W4 RETRACE shows IDEAL.

🔹 Step 3: buy when the count switches to WAVE 3 or WAVE 5 and the Elliott Score reads BULLISH.

🔹 Take Profit: use Target 1 for a first exit and Target 2 for the rest. See our take profit guide.

🔹 Stop Loss: place it just below the Invalidation level, the price at which the count is wrong. More in how to set a stop loss.

SELL setup

🔹 Step 1: the major degree shows a bearish wave (▼), and CURRENT WAVE reads WAVE 2 or WAVE 4 in a bearish impulse.

🔹 Step 2: price rallies into the Fibonacci zone with W2 RETRACE or W4 RETRACE at IDEAL.

🔹 Step 3: sell when the count switches to WAVE 3 or WAVE 5 and the Elliott Score reads BEARISH.

🔹 Take Profit: Target 1, then Target 2.

🔹 Stop Loss: just above the Invalidation level.

🔹 Skip the trade: when the dashboard shows 1-5 DONE (a correction is expected), the score is NEUTRAL, or the minor and major waves point in opposite directions.

Omega Wave Count Indicator Review

Omega Wave Count Indicator MT5 Reviews

Omega Wave Count Indicator MT5 Review

What Makes It Different

🔹 Rules first: many wave tools draw a count whatever happens; this one rejects counts that break the Elliott rules.

🔹 A plan, not just labels: each wave comes with targets, a zone and a clear point where you are wrong.

🔹 Beginner-friendly reading: plain dashboard words like “Expect A-B-C correction” explain what the count means.

🔹 One tool instead of three: ZigZag, Fibonacci levels and wave labels work together, so you stop drawing them by hand.

Recommended Trading Conditions

The indicator runs on MetaTrader 5 with any symbol, including Forex, gold, indices, crypto and stocks; it works on the last 3000 bars by default, so load enough history.

Limitations and Risk Warnings

🔹 Counts can change: a swing is confirmed 5 bars after it forms, and the latest count is updated when new swings appear.

🔹 Not a signal service: the indicator shows wave structure, not buy or sell arrows; entries are your decision.

🔹 Choppy markets: in sideways ranges, waves are small and counts flip more often.

🔹 Targets are projections: Fibonacci targets are common reaction levels, not guaranteed prices.

🔹 Risk first: always trade with a stop loss and sensible position size. Read our risk management tips.

Who Should Use Omega Wave Count Indicator MT5?

🔹 Elliott Wave traders: save time on counting and get a second, rule-based opinion.

🔹 Swing traders: follow the major degree and enter on minor pullbacks; see more swing trading tools for MT5.

🔹 Fibonacci traders: get targets tied to real wave structure instead of random swings.

🔹 Beginners: learn wave theory by watching labels, rules and ratios update live.

🔹 Not the right tool if: you want automatic trading or a simple arrow that says buy or sell.

Download Package

✅ Indicator: OmegaWaveCount_v1.0.ex5

✅ Product Guide: Omega_Wave_Count_Product_Guide.pdf

✅ Inputs Guide: Omega_Wave_Count_Inputs_Guide.pdf

Final Verdict

Omega Wave Count turns Elliott Wave analysis into a clear, rule-based process. You see the wave in progress, the next Fibonacci targets and the exact price where the idea fails, all on one chart.

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