Wolfe Wave Pattern indicator for MetaTrader 5 Download - Free - [Trading Finder]

The Wolfe Wave Pattern indicator is one of the tools for identifying price wave patterns in MetaTrader 5. This indicator primarily detects and draws a geometric pattern of 5 waves called the Wolfe Wave Pattern at key points on the chart. The Wolfe Wave Pattern is a reversal pattern that provides optimal Entry and Exit points. This indicator displays the bullish pattern in red and the bearish pattern in blue.

Indicator Specifications Table

Uptrend Conditions with the Wolfe Wave Pattern Indicator

According to the XAG/USD price chart in the 1-hour time frame, after the formation of the Wolfe Wave Pattern with five waves [1-2-3-4-5], the price trend reversed and became bullish. Completing the fifth wave and the price breaking through the "X" line offers a suitable opportunity for entering buy trades (Long).

Downtrend Conditions with the Wolfe Wave Pattern Indicator

According to the ETH cryptocurrency price chart in the 1-hour time frame, after the formation of the Wolfe Wave Pattern with five waves [1-2-3-4-5], the price trend reversed and became bearish. Completing the fifth wave and the price breaking through the "X" line offers a suitable opportunity for entering sell trades (Short).

Indicator Settings

• Show Zig Zag Line: Display of the Zig Zag line is disabled;
• Pivot Period of Zig Zag Line: The number of candles for calculation 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: The color of the Zig Zag line can be adjusted 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 color of the bullish Wolfe Wave Pattern is set to pink

Summary

The Wolfe Wave Pattern Indicator is a powerful tool for identifying trend reversal points in MetaTrader 5. This indicator can be used in all markets. Traders utilizing this tool have a strong reversal pattern and gain a broader perspective on future price movements.