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Wolfe Wave Theory
Wolfe Wave is naturally occurring trading pattern present in all financial markets. The pattern is composed of five waves showing supply and demand and a fight towards an equilibrium price. These patterns can develop over short- and long-term time frames such as minutes or weeks and are used to predict where a price is heading and when it will get there.
pic. 1 - Bullish Wolfe Wave
pic. 2 - Bearish Wolfe Wave
To identify Wolfe Waves, they must have the following characteristics:
Wolfe Waves 3-4 must stay within the channel created by 1-2
Wolfe Wave 1-2 equals waves 3-4 (shows symmetry)
Wolfe Wave 4 is within the channel created by waves 1-2
There is regular time between all waves
Wolfe Wave 5 exceeds trendline created by waves 1 and 3 and is the entry point
The estimated price is a price along the trendline created by waves 1 and 4 (point 6).
Wolfe waves was introduced by Linda Raschke. INTERVIEW: LINDA BRADFORD RASCHKE ON SHORT TERM TRADING STRATEGIES, August 1997, AIQ Opening Bell (Click to view)
Wolfe Wave MT4 Indicator
Metatrader 4 Wolfe Wave Indicator draws Wolfe Wave in fully automated mode
Wolfe Wave Indicator - The Benefits
We do not use ZigZag and work with fractals.
Our indicator can recognize all Wolfe Wave paterns on specified time range
So we check every top for potential 1,2,3,4,5 points not only ZigZag tops
Indicator has a lot of adjustable parameters
Wolfe Wave Video - Standard Situation
Wolfe Wave Video - Situation when Line 1-3 has been broken
Wolfe Wave Indicator - ScreenShots
Wolfe Wave Indicator - Parameters
AccDigits = 5;
//set 5 or 4
//5: for standard accounts (quotes on EURUSD pairs have 5 digits after decimal point, 4 digits on USDJPY pairs)
//4: for old accounts (quotes on EURUSD pairs have 4 digits after decimal point, 3 digits on USDJPY pairs)
BuyPatterns = true;
// show Bullish WolfWave patterns true/false
SellPatterns = true;
// show Bearish WolfWave patterns true/false
BarsBack = 500;
// process only last 500 bars (to increase perfomance)
Date/Time Filters
UseDateRange = false; StartDate = D'2011.05.01 0:00'; EndDate = D'2011.08.01 0:00';
// if UseDateRange = true then the indicator ignores BarsBack option
// and process WW patterns between StartDate and EndDate
FilterByPoint1 = false; Point1.DateTime = D'2011.08.01 0:00';
// if FilterByPoint1 = true then the indicator hides all WW patterns
// with point 1 not matched Point1.DateTime option
FilterByPoint2 = false; Point2.DateTime = D'2011.08.01 0:00';
// if FilterByPoint2 = true then the indicator hides all WW patterns
// with point 2 not matched Point2.DateTime option
FilterByPoint3 = false; Point3.DateTime = D'2011.08.01 0:00';
// if FilterByPoint3 = true then the indicator hides all WW patterns
// with point 3 not matched Point3.DateTime option
FilterByPoint4 = false; Point4.DateTime = D'2011.08.01 0:00';
// if FilterByPoint4 = true then the indicator hides all WW patterns
// with point 4 not matched Point4.DateTime option
Bars/Price Filters
P1_P3.BarsMin = 10;
// minimal allowed horizontal distance between point 1 and point 3, bars P1_P3.BarsMax = 500;
// maximal allowed horizontal distance between point 1 and point 3, bars P3_P4.BarsMin = 1;
// minimal allowed horizontal distance between point 3 and point 4, bars P3_P4.BarsMax = 200;
// maximal allowed horizontal distance between point 3 and point 4, bars P1_P3.PipsMin = 10;
// minimal allowed vertical distance between point 1 and point 3, pips P1_P4.PipsMin = 20;
// minimal allowed vertical distance between point 1 and point 4, pips P1_P2.PipsMin = 70;
// minimal allowed vertical distance between point 1 and point 2, pips P3_P4.PipsMin = 40;
// minimal allowed vertical distance between point 3 and point 4, pips P3_P4__P1_P2.PipsMinPcnt = 23.6;
// lower limit for (pips between points 3-4)/(pips between points 1-2) ratio, pcnt P3_P4__P1_P2.PipsMaxPcnt = 76.4;
// upper limit for (pips between points 3-4)/(pips between points 1-2) ratio, pcnt P1_P3__P1_P4.PipsMinPcnt = 1.0;
// lower limit for (pips between points 1-3)/(pips between points 1-4) ratio, pcnt P1_P3__P1_P4.PipsMaxPcnt = 161.8;
// upper limit for (pips between points 1-3)/(pips between points 1-4) ratio, pcnt P3_P6__P1_P3.BarsMinPcnt = 23.6;
// lower limit for (bars between points 3-6)/(bars between points 1-3) ratio, pcnt
// point 6 is some point in the future, where lines 13 and 24 intersect P3_P6__P1_P3.BarsMaxPcnt = 100.0;
// upper limit for (bars between points 3-6)/(bars between points 1-3) ratio, pcnt
// point 6 is some point in the future, where lines 13 and 24 intersect
Graphic
Buy.Text.color = White; Buy.Text.font_name = "Arial"; Buy.Text.font_size = 14;
// font color, name and size for symbols of Bullish WW patterns Sell.Text.color = Red; Sell.Text.font_name = "Arial"; Sell.Text.font_size = 14;
// font color, name and size for symbols of Bearish WW patterns Buy.TLine.color = DeepSkyBlue; Buy.TLine.width = 1; Buy.TLine.style = STYLE_DOT;
// line color, width and style of Bullish WW patterns Sell.TLine.color = Gold; Sell.TLine.width = 1; Sell.TLine.style = STYLE_DOT;
// line color, width and style of Bearish WW patterns TLine.DrawRay = false; TLine.MinTailSize = 100;
// if TLine.DrawRay = true then the indicator draws trendlines as rays
// if TLine.DrawRay = false then the indicator draws trendlines as section with length = TLine.MinTailSize
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
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