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Wolfe Wave MT4 Indicator

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Wolfe Wave Indicator for MT4 - Forex Indicator based on Wolfe Wave theory
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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.

wolfe wave bullish

pic. 1 - Bullish Wolfe Wave

wolfe waive bearish

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).

Linda RaschkeWolfe 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

MT4 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 1

wolfe wave 2

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

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