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

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:

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.

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.

Wedge Pattern Indicator Settings

The settings for the Wedge Pattern are as follows:

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 in Technical analysis that identifies the wedge pattern by detecting price trends in consolidation phases, and displays it to traders by drawing blue zig-zag lines.