Wedge Pattern Indicator for MetaTrader 4 Download – Free – [TradingFinder]

The Wedge Pattern Indicator is one of the classic and chart pattern indicators available on the MetaTrader 4 (MT4) platform.

This indicator identifies wedge patterns, which can signal either a continuation or reversal trend, and plots them on the chart to highlight potential trading opportunities.

Wedge Pattern Indicator Table

The table below provides an overview of the Wedge Pattern Indicator specifications:

Uptrend Formation

On the 15-minute USD/CHF chart, the Wedge Pattern Indicator has identified an ascending wedge pattern.

After breaking above the wedge’s resistance, the price reversed from a downtrend to an uptrend and started moving higher.

Downtrend Formation

On the GBP/JPY chart, the Wedge Pattern Indicator has identified a descending wedge pattern and displayed it using zigzag lines on the chart.

After observing the wedge pattern breakout, traders can enter a trade based on the breakout direction.

Wedge Pattern Indicator Settings

Below are the settings for the Wedge Pattern Indicator:

Zig Zag Line Properties

• Show Zig Zag Line: Enable/disable the display of zigzag lines;
• Pivot Period of Zig Zag Line: Adjust the pivot period for zigzag lines;
• Zig Zag Line Style: Customize the zigzag line style;
• Zig Zag Line Color: Choose the desired color for zigzag lines;
• Zig Zag Line Width: Adjust the thickness of zigzag lines.

Wedge Pattern Properties

• Show Wedge Pattern: Enable/disable the display of wedge patterns;
• Wedge Pattern Color: Customize the color of the wedge pattern.

Conclusion

The Wedge Pattern Indicator is a powerful tool for identifying classic chart patterns in Technical analysis. It is ideal for traders looking to spot continuation and reversal wedge patterns.

 Additionally, as an educational indicator in MetaTrader 4, it helps traders easily recognize and analyze wedge patterns.