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Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder]

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Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder]
Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder] 0
Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder] 1
Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder] 2
Wedge Pattern Indicator in MetaTrader 5 Download - Free - [TradingFinder] 3
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The Wedge Pattern Indicator is one of the classic chart indicators in the MetaTrader 5 (MT5) platform. This indicator is a useful tool for identifying price action patterns and is highly practical and useful for traders who are looking to detect these patterns on price charts.

Wedge Pattern Indicator Table

The general specifications of the Wedge Pattern Indicator are listed in the table below:

Indicator Categories:
Price Action MT5 Indicators
Chart & Classic MT5 Indicators
Educational MT5 Indicators
Platforms:
MetaTrader 5 Indicators
Trading Skills:
Elementry
Indicator Types:
Breakout MT5 Indicators
Reversal MT5 Indicators
Timeframe:
Multi-Timeframe MT5 Indicators
Trading Style:
Intraday MT5 Indicators
Scalper MT5 Indicators
Day Trading MT5 Indicators
Trading Instruments:
Forex MT5 Indicators
Stock MT5 Indicators
Indices MT5 Indicators
Forward MT5 Indicators

Uptrend

In the 1-hour chart of USD/JPY, the Wedge Pattern Indicator has identified an uptrend pattern.

After a downward trend, a wedge pattern formed, and after breaking the upper boundary of this pattern, it entered an uptrend.

Uptrend after breaking the top of the wedge pattern
Trend reversal from downtrend to uptrend after breaking the top of the wedge pattern

Downtrend

In the 5-minute chart of USD/CHF, the indicator has identified a wedge pattern by drawing zig-zag lines and displayed it on the chart.

Traders can use this pattern to enter a trade after the breakdown of the bottom of the pattern.

Breakdown of the pattern and the beginning of a downtrend
Trend reversal from uptrend to downtrend after breaking the bottom of the wedge pattern

Wedge Pattern Indicator Settings

The settings for the Wedge Pattern are as follows:

Wedge Pattern Indicator Settings in MT5
Custom settings of the wedge pattern indicator on the chart (CAD/JPY)

Zig Zag Line Properties

  •  Display Zig Zag Line: Option to toggle visibility of zig-zag lines
  • Pivot Period of Zig Zag Line: Option to set the period for the zig-zag lines
  • Zig Zag Line Style: Option to choose the style of the zig-zag lines
  • Zig Zag Line Color: Option to select the color of the zig-zag lines
  • Zig Zag Line Width: Option to adjust the width of the zig-zag lines

Wedge Pattern Properties

  • Display Wedge Pattern: Option to toggle visibility of the wedge pattern
  • Wedge Pattern Color: Option to select the color of the wedge pattern

Conclusion

The Wedge Pattern Indicator is one of the MetaTrader 5 indicators that identifies the wedge pattern by detecting price trends in consolidation phases, and displays it to traders by drawing blue zig-zag lines.

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FAQs

Is the Wedge Pattern Indicator suitable for all trading styles?

Yes, this indicator is useful for price action traders, swing traders, and long-term traders.

Is the Wedge Pattern Indicator applicable to various markets?

Yes, this indicator is applicable to all financial markets, including Forex, stocks, crypto, and indices.

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