Wolfe Wave Pattern indicator for MetaTrader 4 Download - Free - [Trading Finder]

The Wolfe Wave Pattern indicator is a technical analysis tool in MetaTrader 4. It is highly useful for identifying market wave patterns. The Wolfe Wave Pattern comprises five geometric waves that accurately predict market reversal points. This indicator allows traders to identify suitable Entry and Exit points, thus optimizing their trading strategies.

Indicator Specifications Table

Uptrend Conditions

The price chart of the EUR/USD currency pair in a one-hour time frame shows how the indicator works in an uptrend. As shown in the image, the indicator draws the Wolfe Wave Pattern by forming five waves [1-2-3-4-5]. The completion of the fifth wave and the break of the "X" line by the trend indicates a continuation of the uptrend and a suitable opportunity to enter a Buy position.

Downtrend Conditions

The price chart of the USD/JPY currency pair in a 4-hour time frame shows how the indicator works in a downtrend. The image shows that the indicator draws the Wolfe Wave Pattern by forming five waves [1-2-3-4-5]. The completion of the fifth wave and the break of the "X" line by the trend indicates a continuation of the downtrend and a suitable opportunity to enter a Sell position.

Settings

• Show Zig Zag Line: Display of the Zig Zag line is disabled.
• Pivot Period of Zig Zag Line: The number of candles to calculate between peaks and troughs is set to 3.
• Zig Zag Line Style: The appearance of the Zig Zag line is set to DashDot.
• Zig Zag line color: You can change the color of the Zig Zag line in this section.
• Zig Zag Line width: The thickness of the Zig Zag line is set to 1.
• Show Wolfe Wave: Display of the Wolfe Wave Pattern is enabled.
• Bearish Wolfe Wave Color: The Bearish Wolfe Wave Pattern color is set to blue.
• Bullish Wolfe Wave Color: The Bullish Wolfe Wave Pattern color is set to pink.

Summary

This indicator applies to all markets and time frames in the MetaTrader 4 platform. The Wolfe Wave Pattern indicator draws a Reversal pattern at key trend reversal points like Support and Resistance. Additionally, the Wolfe Wave pattern can be used to identify Trend Lines.