The Wolfe Waves Scanner for Metatrader 4 scans for possible reversals signals based on the Wolfe Waves chart trading pattern.
It’s great trading pattern that occurs in every financial market and can be applied to the forex market as well.
The Wolfe Waves Scanner MT4 indicators finds these powerful reversal trading patterns on any forex pair and for any timeframe.
When a bullish Wolfe Waves pattern has been completed, traders look for the beginning of a new uptrend.
When a bearish Wolfe Waves pattern has been completed, traders look for the beginning of a new downtrend.
The default indicator input settings can be fully modified directly from the indicator’s inputs tab.
The AUD/USD D1 chart below displays the Wolfe Waves Scanner forex indicator in action.
Basic Trading Signals
Signals from the Wolfe Waves Scanner MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when a bullish Wolfe Waves trading pattern has been completed. Place a stop-loss below the low of the trading pattern.
Sell Signal: Initiate a sell trade when a bearish Wolfe Waves trading pattern has been completed. Place a stop-loss above the high of the trading pattern.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (WolfBullColor, WolfBearColor, MACDFastEMA, MACDSlowEMA, MACDSignalEMA) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Wolfe Waves
Copy and paste the wolfe-waves-scanner.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)