Elliott Wave Pro Bot

The Elliott Wave Pro Bot is a sophisticated and highly configurable algorithmic trading system for the cTrader platform. Built upon the theoretical principles of Elliott Wave Theory, the bot analyzes market structure to identify high-probability trading opportunities, enhanced by a multi-level system of filters, risk management, and position automation.

🧠 How It Works in Detail

The bot's "brain" operates by following a logical, sequential process with every new candle:

• Structure Analysis (The Wave Finder): The bot uses our custom manual logic, based on the Pivot Depth parameter, to identify the market's turning points (highs and lows). It doesn't rely on standard indicators but on pure price analysis, making it robust. It constantly analyzes the sequences of these pivots to find two types of setups:
• • A complete impulse pattern (0-1-2-3-4-5).
  • An initial corrective setup (0-1-2), which signals the potential start of a Wave 3.
• Validation and Filters (The Quality Control): Every potential pattern is rigorously tested against the cardinal rules of Elliott Wave. If the rules are met, the bot performs a second layer of checks based on "Guidelines," which include:
• • Fibonacci Filters: Verifies that the wave retracements and extensions fall within the preset Fibonacci ratios.
  • Length Filters: Ensures that waves have a minimum size in pips to be considered significant.
  • Volume Filter (Optional): Confirms the strength of an impulse by checking if the volume during Wave 3 is higher than the recent average.
  • Stochastic Filter (Optional): Provides entry timing based on momentum, helping to avoid entering on exhausted moves. Only patterns that pass all active filters are labeled as "ALL GUIDELINES" and considered valid trading signals.
• Strategic Execution (The Decision Maker): The user can independently enable two strategies:
• • Enable FadeWave5 Strategy (Counter-Trend): If a 5-wave pattern is confirmed, the bot opens a trade in the opposite direction, anticipating the ABC correction.
  • Enable TradeWave3 Strategy (Pro-Trend): If a 2-wave setup (a valid correction) is confirmed, the bot opens a trade in the direction of the main trend to ride the powerful Wave 3. The bot operates in an "opportunistic" mode: it executes the first valid signal that appears, provided there are no other open trades.
• Position Management (The Autopilot): Once a trade is opened, the bot actively manages it:
• • It sets a Stop Loss and Take Profit specific to the trade direction (Long or Short).
  • It activates the Break Even function as soon as the trade reaches a defined profit (Break Even Trigger), moving the Stop Loss to protect capital (Break Even Lock).
  • It handles the professional Trailing Stop, which activates after a certain profit (Trailing Stop Trigger) and then follows the price at a fixed distance (Trailing Stop Distance).
• Risk Control (The Account Guardian): On every tick, the Prop Firm management module is the first thing to be checked. It monitors the daily loss, total loss, and profit target limits. If any limit is breached, it executes the chosen action (BlockNewTrades or CloseAllAndBlock), protecting the account from further risk.

📋 Guide to Key Parameters

The parameters have been logically grouped for intuitive configuration:

• Settings: Here you will find Pivot Depth, the most important parameter for defining the scale of the waves the bot looks for.
• Visuals: Controls the graphical appearance, such as drawing waves and the persistence of old patterns.
• Trading: The operational core. Here you enable the strategies (Enable FadeWave5, Enable TradeWave3) and set the Lot Size. This section is divided into two clear sub-groups for strategy management:
• • FadeWave5 Strategy Settings: This is where you set the Stop Loss (Pips) and Take Profit (Pips) values for the counter-trend strategy, with separate inputs for Long and Short trades.
  • Wave 3 Strategy Settings: This section gives you full control over the Stop Loss for the pro-trend strategy:
  • • Wave3 SL Type: A dropdown menu to choose how the Stop Loss is calculated.
    • • Automatic (Recommended): Uses the "smart" method based on Elliott Wave theory, placing the SL at the pattern's invalidation point (the start of Wave 1).
      • FixedPips: Uses a fixed pip value, ignoring the market structure.
    • Wave3 SL (Pips): This field is only used if you have selected FixedPips. Here, you set the desired number of pips for the Stop Loss.
• Position Management: Crucial for trade management. You can disable a direction by setting Max Positions to 0. The Trigger and Distance parameters for the Trailing Stop offer granular control over profit protection. To disable the Trailing Stop or Break Even, simply set the respective Trigger parameter to 0.
• Risk: The section for Prop Challenges. Activate the management and choose the Action On Limit Hit based on how aggressively you want to protect the account.
• Filters: Activate and configure confirmation filters (Volume and Stochastic) to increase the quality of the signals.
• Elliott Wave: The section for purists. Here you can customize Fibonacci ratios and minimum wave lengths to adapt the analysis to different market volatilities.

🚨 IMPORTANT ADVISORY FOR PROP FIRM TRADERS 🚨

This bot is equipped with a professional-grade equity protection system, essential for passing prop firm challenges. To maximize your chances of success, we strongly advise against setting the bot's Max Daily Drawdown (%) parameter to the same value as your prop firm's limit (e.g., 4% or 5%).

💡 The Winning Strategy: Set a Stricter Limit The key is to use the bot's drawdown parameter as your personal, more conservative daily stop-loss, staying well inside the prop firm's absolute limit.

🎯 Practical Example:

• If your prop firm allows a 4% daily drawdown...
• ...set the bot's Max Daily Drawdown (%) parameter to 1% or 1.5%.

✅ Why This Works: If you encounter a losing day, the bot will trigger its Hard Stop after a small, controlled loss (e.g., 1%). This protects your capital, keeps you far from violating the prop firm's rules, and allows you to trade again the next day. This strategy is designed to help you survive losing streaks and dramatically increase your long-term probability of success.

🧠 Remember: The goal of a challenge is not to risk your entire daily buffer in a single day, but to survive long-term. Use the bot's risk parameters to enforce iron discipline on your trading.