The Wolfe Wave indicator for Metatrader 4 analyses price action and transforms the accumulated data into a powerful Wolfe Wave chart pattern technical tool.
In essence, the Wolfe Wave chart pattern can be either bullish or bearish and might help traders to open buy and sell trades without any lagging indicators.
This price action indicator can be used as a standalone trading tool for both trade entry and exit.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- Identifies powerful Wolfe Wave patterns
- For advanced traders
- Works for any currency pair
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a trend confirmation tool.
Free Download
Download the “wolfewave.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Wolfe Wave Forex indicator in action.
Basic Trading Signals
BUY:
- Go long when price breaks above the bullish Wolfe Wave technical pattern.
- Set stop loss below the Wolfe Wave trading pattern.
- Exit the buy trade for a predetermined profit target.
SELL:
- Go short when price breaks below the bearish Wolfe Wave technical pattern.
- Set stop loss above the Wolfe Wave trading pattern.
- Exit the sell trade for a predetermined profit target.
Download This Forex Indicator
Download the “wolfewave.mq4” MT4 indicator
Adjustable Parameters & Settings
Depth, deviation, back step, 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: Price action
How to install the Wolfe Wave Forex indicator in Metatrader 4?
- Copy and paste the wolfewave.mq4 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