The Waves Pattern Price Action Forex indicator for Metatrader 4 identifies powerful waves and trading patterns that suits advanced currency traders.
Based on the trading patterns and waves shown on the chart, it’s possible to enter low risk trades that could results in a large number of profit pips.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- Identifies waves and patterns
- Versatile technical indicator
- Good for entry & exit points
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a possible trend reversals confirmation tool.
Free Download
Download the “waves pattern.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Waves Pattern Price Action trading indicator in action.
Basic Trading Signals
Please note that this indicator suits advanced currency traders only.
BUY:
- Open a buy position when the indicator identifies a bullish wave or trading pattern.
- Place stop loss below previous swing low
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- Open a sell position when the indicator identifies a bearish wave or trading pattern.
- Place stop loss above previous swing high.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download This Forex Indicator
Download the “waves pattern.ex4” MT4 indicator
Adjustable Parameters & Settings
Back step, time distance, Fibonacci, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: waves patterns
How to install the Waves Pattern Price Action indicator in Metatrader 4?
- Copy and paste the waves pattern.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button