Elegant Oscillator Zero Cross Approach

This thread is about trading with the Elegant Oscillator, coded by Mladen Rakic, based on the work of John Ehlers. The Elegant Oscillator formula itself comes from John Ehlers, who introduced it in TASC magazine. Mladen is one of the OG legends in retail trading. Even though he may not be as active as he used to be, his work should never be forgotten. He has given so much to the retail trading world, and anyone new to trading should know about his legacy and how much he contributed.

I’ll be looking at setups on H1 and above. The focus here is intraday trading, opening and closing trades within the same day. Even if a setup shows up on a higher time frame like H2, H3, H4, H6, H8, H12, or D1, it doesn’t mean we’ll hold it for days. The idea is still to trade one day at a time.

What this thread is really about is the approach to the zero line. The setups we want to share and discuss are the ones where the oscillator is moving toward zero with a high probability of actually crossing. Sometimes that means catching it before the cross, sometimes right as it’s about to cross, but the focus is on identifying those high probability approaches.

This is not a thread about trade management. Whether you use market or pending orders, where you put your stops or targets, that’s all personal and up to you. What matters here is spotting and posting the best setups.

Everyone is welcome to share charts and examples of what they see as high probability Elegant Oscillator approaches to the zero line. The goal is to collect and highlight quality setups so we can all get better at recognizing them.

Downloads

1. MetaTrader 4: https://www.mql5.com/en/code/37881
2. MetaTrader 5: https://www.mql5.com/en/code/37829

My template file:

I usually start checking the indicator about 15 to 30 minutes before a candle closes. For now, just to get this thread going, I spotted an approach on H4 where the 04:00 candle has already closed, so we might have missed the move if it takes off. In general, it’s best to look at the candle at least 15 minutes before it closes.

Done looking at H4. Now moving on to check H2.

It looks bloody lagging to me. There are tons of better ones other there.

Could you mention other options for me to test?

Just another one oscillator? What is the reason? Just to look at screenshots with some undefined curve line crosses the 0 level?

Where is the system?

I quickly had a look at it and you are right.
It's lagging badly

Actually it’s perfect the way it is, I guess depending on how you use it. I wanted to post setups but I wasn’t sure if anyone was interested in this topic. I see now that some people are posting, so I’ll post some setups.

I’m testing it now on an FTMO 14 day free trial and, day one, I’ve almost reached the 1K daily target with this system.

It looks like it just hit the $1100 target. The setups the indicator gives are pretty great, low drawdown. I’ll try to post the setups from today since there seems to be some interest in this topic.

Got in late on this one but still was worth jumping in.

Closed this one early since the 1K target was reached already.

Also closed early since target was reached already.

Caught this a bit late but it was still worth getting in.

Also caught a bit late but was still worth taking.

And that’s all there was for today. I can try to post tomorrow’s setups on the fly. Feel free to share your setups too. Any questions, let me know.

Oh I forgot one, AUDCHF. This was a trade that was towards the end of Friday but I took it anyway. It didn’t work out very well since it was old, from Friday. But sometimes it can continue over the weekend too so, can’t win them all. It wasn’t a disaster. It just didn’t pump like the others.

Thanks for charts
It will be great if you can explain how you spot these setups because at the eyes of everybody else this indicator looks very lagging and unusiable