Here is a handy MT4 script that I've written to draw an Ellipse to wherever you drop it.
Just drag and drop the script and voila. You have an Ellipse.
The script automatically sizes the Ellipse regardless of time frame and currency pair.
Much easier than using the built in draw ellipse functionality.
Here a sample screenshot:
Download the Script here:
Draw Ellipse.ex4
Draw Ellipse.mq4
For the latest version check here:
http://www.forexfactory.com/showthread.php?t=532055