en Wolfe Waves 7.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
Precision trading: leverage wolfe waves for accurate signals
The PZ Wolfe Waves indicator is a technical tool for the Metatrader Platform that is designed to help traders identify and capitalize on the naturally occurring trading patterns known as Wolfe Waves. These patterns, discovered by Bill Wolfe, represent a fight towards an equilibrium price and can develop over both short and long-term time frames. They are considered to be one of the most reliable predictive reversal patterns in the financial markets.
The PZ Wolfe Waves indicator makes it easy for traders to spot and trade these patterns, with clear trading signals and customizable colors and sizes. It also includes a multi-symbol and multi-timeframe scanner, as well as performance statistics and stop-loss and take-profit levels. Additionally, it has email, sound, and visual alerts to notify the trader when a pattern is identified.
The indicator is composed of five waves that show the struggle between supply and demand. To be considered a true Wolfe Wave, the pattern must have five price points or waves, with waves 3-4 staying within the channel created by 1-2, wave 4 being within the channel created by waves 1-2, and wave 5 exceeding the trendline created by waves 1 and 3.
The indicator is non-repainting and non-backpainting. It simultaneously draws the pattern and the breakout arrow to prevent the indicator from repainting the pattern as it expands without changing the market direction. The PZ Wolfe Waves indicator is a powerful tool for traders looking to capitalize on the highly accurate and reliable signals provided by Wolfe Waves patterns.
Key Features
- Customizable colors and sizes
- Implements performance statistics
- Displays suitable stop-loss and take-profit levels
- It includes a multi-symbol and multi-timeframe scanner
- It implements email/sound/visual alerts
Trading Guidelines
- Suitable instruments: Forex, Commodities, Indices, Stocks
- Suitable timeframes: Monthy, Weekly, Daily, 12 Hours, 8 Hours, 4 Hours, 2 Hours and 1 Hour
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Input parameters
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Amplitude
- The amplitude represents the minimum amount of bars between alternative price points. To find big patterns, increase the amplitude parameter. To find smaller patterns, decrease the amplitude parameter. You can load the indicator many times in the chart to find overlapping patterns of different sizes.
- Breakout Period
- Donchian breakout period used to confirm wolfe waves.
- Max History Bars
- Amount of past bars to evaluate when the indicator loads in the chart.
- Display Stats
- Show or hide the statistics dashboard and performance data.
- Display SL/TP Levels
- Show or hide suitable SL and TP levels for each signal.
- Display Price Labels
- Show or hide the pattern price labels.
- Drawing Options
- Colors and sizes for bullish or bearish lines and labels, as well as font sizes.
- Breakouts
- Colors and sizes for breakout arrows.
- Alerts
- Enable or disable alerts at will.
- Amplitude
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FAQ
- Does the indicator repaint?
- The indicator draws pattern and breakout at the same time and should not repaint. If the breakout line is broken many times and the pattern expands, the pattern will repaint, but the change compared the previous pattern will be negligible.
- Does the indicator back paint?
- No, the indicator does not back paint.
- Can patterns be displayed in the chart before the breakout happens?
- No, it can't. The pattern and the breakout arrow are displayed at the same time.
- Does the indicator implement alerts?
- Yes, it does. It implements alerts of all kinds.
- I don't see many patterns in the chart. What can I do?
- Wolfe Waves do not happen very often. To compensate, you can load the indicator several times in the chart with different size parameters, for instance, 6, 12, 18 and 24. By searching for different wave sizes you are increasing the odds of finding one. However waves might overlap in the chart.
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Developers
In order to build your expert advisor, you can read data from the indicator using the iCustom() function as exemplified below. The indicator has one extra buffer which only purpose is to store trading signals as constants: this is the only buffer you need to read from. Copy and paste the code below into your EA, and replace the indicator name of the iCustom() call with your own.
//---- Read value from data buffer int start() { // Read value from data buffer double value = iCustom(Symbol(), Period(), "PZ_WolfeWaves_LICENSENUM", 1, 1); // Do something if(value == OP_BUY) { /* Your code for bullish signal (blue arrow) */ } if(value == OP_SELL) { /* Your code for bearish signal (red arrow) */ } if(value == EMPTY_VALUE) { /* Your code if no pattern or breakout */} // Exit return(0); }
Screenshots
