Elliott Fib Toolkit by Lux is an Elliott wave indicator for MT4 and MT5 that's stingy on purpose. On 57,778 hourly gold bars from January 2014 to October 2026, its fastest zigzag confirmed 14,551 swing points, and only 321 times did five of them in a row pass the three hard rules of a motive wave. Most auto-counters would have labelled far more. And when a later swing breaks a rule, this one takes the count back where you can see it.
Elliott Fib Toolkit by Lux vs a typical auto wave counter
| What a wave count needs | What a typical auto-counter does | What Elliott Fib Toolkit by Lux does |
|---|---|---|
| Wave 3 is never the shortest of 1, 3 and 5 | Labels any five alternating swings | Checks it on every new swing. Fail it and there's no count |
| Wave 4 stays out of wave 1's territory | Often not checked at all | Required: the (4) low must hold above the (1) high in an up count, and the mirror for down |
| Wave 2 never retraces past the start of wave 1 | Sometimes checked | Required |
| A count can die | Labels stay forever | The legs turn dotted and the numbers disappear the moment a new swing breaks the pattern |
| A correction has limits | Any three swings become an ABC | (a) and (c) have to hold inside the 0.854 retracement of the whole five-wave move, and (b) can't run past the (5) |
| More than one degree | One zigzag | Three zigzags at once (4, 8 and 16 bars), each counted on its own |
Row four matters most. A count that never dies teaches you to trust labels the market already proved wrong; here you watch counts fail, which is most of real Elliott work.
How a count is built
- Swings. Each zigzag confirms a swing high when that bar's high beats the previous 4, 8 or 16 bars and the bar after it. So every swing is known one closed bar after it prints.
- Five swings, three rules. On every new swing the last six points (start plus (1) to (5)) are tested against the three rules above. Pass, and the count is drawn with (1) to (5).
- The (5) can stretch. If price makes a further extreme while the first four points stay the same, the (5) moves out to it. Earlier labels don't move.
- Correction. The next three swings are tested as (a), (b), (c) inside the 0.854 limit.
That's the whole engine. No hidden "best guess" layer picks the nicer-looking count.
What it draws
Wave counts on three zigzags. Lines through the five swings with (1) to (5), and (a), (b), (c) with a box from the (c) forward. A count that starts where the last one ended reads "(5) (1)". After a finished ABC, a dot marks price pushing past the old (5): a possible new (1).
The Fibonacci zone of the newest count. Lines at 0.5, 0.618, 0.764 and 0.854 of the whole five-wave move, measured back from the (5) and drawn ten bars past the current one. Solid while price hasn't touched 0.854 since the (5). Dotted once it has. The zone goes away when the count dies or its ABC completes.
Trendlines with breakouts. A falling line from every 13-bar swing high and a rising one from every swing low, sloped by ATR. An arrow under the bar when a close breaks above the falling line, over the bar when one breaks below the rising line. The newest lines are also extended to the right, dashed.
Vector candles (MT5). Bodies coloured in up to six shades by tick volume against its 9-bar volume-weighted average, purple for down bars and green for up. Wicks turn cyan when the day's running volume, compared with the same time of day over the last three days, is rising, and magenta when it's falling.
A Fibonacci tool. Two dotted vertical lines, Fib START and Fib END. Drag either one and it redraws: retracements, arcs, circles, fan, time zones or a spiral, with levels from 0.236 to 1.
It doesn't place trades, doesn't pick a "primary count" across the three zigzags, and doesn't forecast a target for wave 3.
How to read it
| On the chart | Read it as |
|---|---|
| Solid (1) to (5) | Five swings that passed all three rules |
| Dotted legs, no numbers | A count a later swing broke |
| Solid Fibonacci lines on the right | Price hasn't retraced to 0.854 of the move yet |
| Dotted Fibonacci lines | It has. The correction is deep or the count was wrong |
| (a)(b)(c) with a box | A correction that stayed inside the limit |
| Dot over or under a bar | Price went past the old (5) after an ABC |
| Arrow on a bar | A close through a sloped swing trendline |
Long after a down count: let the ABC finish, then wait for the dot under a bar (a possible new (1)) or a breakout arrow above the falling trendline. Your stop goes below the (c). Short is the same thing inverted.
Skip it when the three zigzags disagree on direction and every count on the fast one is turning dotted. That's a range, and five-wave rules in a range just produce invalidations.
Settings
| Setting | Default | What it changes | When to move it |
|---|---|---|---|
| 1 Length · 2 Length · 3 Length | 4 · 8 · 16 | How many bars to the left a swing must beat. Bigger means fewer, larger swings and fewer counts | Raise all three together on M5 and below, where 4-bar swings follow noise |
| High source · Low source | high · low | Which prices make the zigzag. Close-based swings ignore wicks | Close on spiky symbols. Note Low source "close" only applies when High source is close too; otherwise it uses the lower of open and close |
| level 4 (Fibonacci values) | 0.854 | Not cosmetic: the limit a valid ABC must stay inside, and the line that turns the zone dotted | 0.786 for stricter corrections. Levels 1 to 3 are display only |
| Swing Detection Lookback · Slope | 13 · 1.0 | Swing width for the trendlines, and how steeply each line leaves its swing (ATR based) | Raise the slope if lines hug price and break every few bars; lower the lookback for more, smaller breakouts |
| Backpainting | on | Draws the trendlines from the swing bar itself. Breakouts don't change | Off if you want to see the line as it was known at the time |
Everything else is colours, transparency, the ZZ lines, the extended lines, the vector candles, the Fibonacci tool and alert channels. None of them change a count or an arrow. If you only touch three things, touch the three zigzag lengths together, the timeframe, and level 4.
What this version can't do
It counts by rules, not judgment. Trends that don't alternate cleanly can go a long time without a count: on my MT4 gold H1 chart the newest one on the fast zigzag was 336 bars back. Not a bug, but a quiet chart.
The three zigzags aren't tied together. A count on the slow zigzag isn't labelled as the parent of the fast one; you read the degrees by eye.
Only the newest count per zigzag gets a Fibonacci zone. The wick colour uses tick volume and the broker's server day.
The Fibonacci tool lives on fixed line names, so two copies of the indicator on one chart share the same START and END lines.
You won't find a win rate table in this listing, and I'd be careful with any indicator listing that has one.
Honestly, most of the work went into checking. I ran both platforms on about 760,000 bars against a separate reference model until every count matched to the bar, and the MT4 pass caught a label bug MT5 never showed.
Questions you'll have
Does Elliott Fib Toolkit by Lux repaint? Counts are made on closed bars only, and each swing is confirmed one bar after it prints. The newest (5) can still stretch to a further extreme, and a count can be invalidated later, which turns it dotted. Older counts don't move.
Why are there no waves on my chart? Usually because no five swings in a row passed all three rules in the visible range. Scroll back, or lower the zigzag lengths.
How do I move the Fibonacci tool? Drag the dotted Fib START and Fib END lines, or type times into Start and End in the inputs.
Can an EA read the signals? Yes, the trendline breakouts. On MT5 buffer 15 holds the upward break (at the bar's low) and 16 the downward break (at the high). On MT4 they're buffers 4 and 5.
Does it send alerts to Telegram? On MT5, yes, with or without a screenshot. Both platforms do popup, push and email. Wave alerts (new count, invalidated count, new ABC, possible new start) fire at the bar close, and each one fires once per bar.
MT4? Both platforms are included. Waves, zones, trendlines and the Fibonacci tool make the same decisions bar for bar. MT4 has no vector candles and no Telegram.
Support
Send me a screenshot with the symbol and timeframe visible and I can usually tell you which rule a count failed. Updates are free.
Analysis tool. It places no trades and makes no profitability claim. Past price behaviour is not a guide to future price behaviour.