RobotFX curates the best open-source MetaTrader code to inspire your trading automation.
This Wolfe Wave indicator gives us an idea of trend reversals, and we can generally apply it to 4-hour or daily time frames.
We can enable it and configure some settings
Protect profits effectively with the smart Trailing Stop Expert Advisor. Advanced trailing options for MT4/MT5. See it in action.
Among these parameters, we can adjust the number of candles a bar needs to be counted... The higher the setting, the larger the patterns and the fewer the signals.
Minimum ATR wave size: Ignores very small waves; a setting of 0 filters nothing, and a setting of 1 requires each wave to measure at least 1 ATR.
The ATR filter period refers to the number of candles used to measure the ATR—only if the previous setting is not 0.
“Candles from the history to analyze” refers to how far back the system reviews the historical data.
THESE ARE THE RULES FOR WOLFE WAVES, AND WE CAN CONFIGURE THEM TO SHOW ONLY BULLISH, ONLY BEARISH, OR BOTH, IF WE WISH
Clean Pattern (Bulkowski) → Excludes patterns with peaks or troughs that fall outside the pattern.
Require Time Symmetry → The waves must have similar durations.
Symmetry tolerance → How much variation in duration is allowed (1.0 = up to twice as long). This only works if the previous setting is set to true.
Maximum number of candles between point 1 and point 5 → Maximum length the pattern can have.
DRAWING SETTINGS AND COLORS
ALERTS
Build better strategies with RobotFX professional tools – check them out.
79359
