Mirra Master Elliott Wave — User Tutorial

In plain wordsA complete Elliott Wave workstation that counts, confirms, projects and grades — then explains it.

Elliott Wave is powerful and famously subjective: two analysts can label the same chart two different ways. Mirra Master Elliott Wave removes the guesswork. It counts the impulse (waves 1–5) and the correction (A–B–C) on a minor and a major degree, checks every count against the hard rules, and shows how confident it is.

Around the count it draws the tools Elliott traders use to confirm and trade it — the Profit-Taking Index, trend bars, the 5/35 oscillator, Fibonacci targets, wave 4 zones — and turns the structure into ten mechanical setups, each graded and sized. The Mirra AI panel reads the whole picture back to you in the same MARKET / EVIDENCE / NEXT / RISK / PLAN language as every Mirra indicator.

In plain wordsDownload one installer, activate with your Machine ID, add the indicator to a chart.

Download and install

1. Download. Get Mirra_Master_Elliott_Wave+Scanner_NT8.exe from the MirraCharts Downloads page or download it directly. One installer contains both the indicator and the scanner.
2. Close NinjaTrader completely — the whole platform, not just the chart. Installing while it is running is the most common cause of setup problems.
3. Run the installer and follow the prompts. It places everything where NinjaTrader expects it.
4. Start NinjaTrader. The first launch prepares the product automatically and may take a few extra seconds.
5. Activate your licence. Open Help → About, copy your Machine ID, and email it to [email protected] from your registered Accelpix address. If settings open but nothing draws, activation is the first thing to check.
6. Enable Open Interest (optional). The OI regime needs Pix Connect and an active Accelpix OI data subscription. Without it the OI lines stay blank and safe; everything else works normally.

Add it to a chart

1. Open any chart — intraday or daily. More history gives the engine more completed waves to work with; 10–30 days of intraday data is a good start.
2. Right-click → Indicators → select Mirra Master Elliott Wave → Add → OK.
3. In group 00. Exchange & Session, check the exchange preset. It sets the session and the F&O lot size; auto-detect works for most instruments.
4. In group 07. AI Assist, choose the AI mode. Start with Beginner; switch to Pro once the labels feel familiar.
5. Save a chart template once you are happy, so every new chart opens with your settings.

In plain wordsNumbers are the wave count, colours are the trend, boxes are where the wave should end.

The status line

The line across the top of the chart is the whole read in one glance, for example “NSE (India) | OPEN | CORRECTION MATURE / NEW IMPULSE? | PTI 64 | XTL FLAT | HTF FLAT | CONF 75%”.

The wave labels

Waves 1, 2, 3, 4, 5 mark the impulse — the move with the trend. Waves A, B, C mark the correction against it. Labels appear on two degrees: the larger major degree and the smaller minor degree inside it, so you can see a small five-wave move completing inside a larger wave 3.

• Wave 3 is usually the longest and strongest leg — and it can never be the shortest of waves 1, 3 and 5.
• Wave 4 may not overlap the territory of wave 1 in a standard impulse.
• Wave 5 often shows weaker momentum than wave 3 — the divergence that warns the move is ending.
• The newest leg can be relabelled until its turning point is confirmed. Completed waves are fixed and logged.

Bars, zones and lines

In plain wordsWhat each tool does and when to trust it.

The wave engine

Swings are found with an ATR-based zig-zag on two degrees, so the count adapts to each instrument’s volatility. Each candidate count is scored on the Elliott guidelines and checked against the rules; a count that breaks a rule is rejected rather than forced. Wave-count confidence is shown on the panel and held between 12% and 88% — the engine never claims certainty.

Confirmation tools

Targets and zones

• Wave Price Targets — Fibonacci clusters projected from earlier waves. Where several projections agree, the zone is stronger.
• Wave 4 zones and channels — green 24–38%, amber 38–50% and red 50–62% retracements, plus three channels drawn from the wave 2–wave 3 trend.
• Make-or-Break — the zone where wave 5 should end. A strong push through it questions the count.
• The Ellipse — where price and time converge for the end of wave 4.
• Fibonacci target matrix — the right-edge ladder of agreeing projections.
• Decision Point zones — higher-degree support and resistance where the bigger trend decides.

In plain wordsTen mechanical entries at the end of a correction or the end of an impulse, each graded and sized.

The ten setups

Grades and probability

Every setup is scored on nine factors drawn from the count, the confirmation tools and the trend, and graded A+, A or B. The probability shown is held between 15% and 85%, then multiplied by a setup factor learned from your own history (see Mirra Memory). Take B grades only when they agree with a higher timeframe.

Position sizing and trade module

• Position size from account equity, risk % and the instrument’s point value.
• F&O lot-aware — the lot is detected from live data and updates when exchanges revise it.
• Higher-timeframe bias — trades against the larger trend are flagged.
• Trade module — tracks an active setup to T1 and T2 with the live R multiple, and suggests moving the stop to entry after T1.

In plain wordsWhether new money is behind the wave, or positions are being closed.

OI regime per leg

With an Accelpix OI subscription, the panel classifies the Open Interest behind price over a short window into one of four regimes, with session OI change and OI velocity:

In plain wordsOne engine, five ways of explaining it — choose the one that matches your experience.

The five AI modes

Choose the mode in group 07. AI Assist → AI mode. The wave count and the setups stay exactly the same — only the way the panel explains them changes.

Reading the Pro panel line by line

STANCE and READY — family lines

When the Mirra Advanced Market Profile chart is open on the same instrument, its STANCE (today against this instrument’s history) and READY (Buy/Sell readiness) lines appear on the Elliott Wave panel too, so the wave count and the auction read sit side by side.

The panel header reads ◆ MIRRA AI GUIDANCE · MODE. When other Mirra indicators are open on the same instrument, family STANCE and READY lines summarise them. The panel can be docked on the left or right of the chart, and always ends with “decision support only, not advice”.

In plain wordsIt remembers how waves and setups actually played out on your instrument.

What Mirra Memory records

• Waves — every completed major-degree leg: direction, length, ratio to the prior wave, bars, oscillator, trend and OI.
• Setups — every setup and its outcome: target, stop, or expired after 60 bars, with favourable and adverse excursion.
• Retention — 365 days by default, adjustable from 90 to 1,825.
• Calibration — after ten graded setups of a type, its probability is scaled by how that type has really performed (within 0.6× to 1.1×).

The MEMORY line on the panel starts as “collecting” and, once there is enough history, quotes things like how often waves reached 1.618 and the hit rate of each setup type.

In plain wordsLet the chart tell you when something worth looking at happens.

Alert events

Alerts are raised through NinjaTrader’s own alert system, so they appear in the Alerts Log with a sound.

In plain wordsSettings follow the same numbered groups as every Mirra indicator.

Settings groups

Open the indicator properties and you will see the same numbered groups as every Mirra indicator. Here is what each one is for.

Engine settings and defaults

These live in group 01. Data & Calc. The defaults suit most instruments and timeframes.

Hover over any setting in NinjaTrader to read its description.

In plain wordsThree simple ways to use it day to day.

Three routines

• Pre-market. Run the EW Scanner on your watchlist in Signal mode, sort by the column, and open charts only for the top few.
• Trend joiner. On a strong wave 3, wait for wave 4 to reach the green or amber zone and take the Type 1 or TS setup with an A grade.
• Exhaustion watch. When the panel shows wave 5 with PTI below 35 and divergence, stop adding and consider the Type 2 setup — or simply protect profits.

In plain wordsWhat traders ask in their first week.