I found this wolfe wave mt4 indicator online on a forex site and I really don’t know what site I took it from but from my first impressions, it looks pretty good from what I can see.
There may be some issues that I may not have found with this indicator and if you happen to find out, make a comment below and let others know.
If you are interested, the download link for this wolfe wave indicator is on the bottom of this page.
How To Download And Install Mt4 Indicators
If you are new and don’t know how to download and install mt4 indicators on your charts, I wrote this post here outlining the 6 steps:
how to download and install custom mt4 indicators.
One you’ve done it a few times, it should be really easy.
How The Wolfe Wave Indicator Works
- You simply download it and attach it to your mt4 charts.
- This indicator appears to work in all timeframes.
- It also shows the past histories of wolfe wave setups as you can see on this chart below and as you can see, this setup was really accurate.
How To Trade The Wolfe Wave Indicator
The rules would be the same as those of the price action trading system called the wolfe wave trading system:
- you buy or sell on point number 5 every time when price reached that point.
- the important thing in my opinion is to wait for reversal candlestick confirmation on point 5 and once you see one, place a pending buy or sell stop order to catch the breakout of the high/low of that reversal candlestick.
- see the red line pointing up in the chart above? As soon as price hits that, you take your profit. But sometimes it doesn’t happen that way so trail stop your stop loss and lock in profits as price moves favorably or use risk:reward ratio at least 1:3 to take your profit.
Wolfe Wave Indicator Download Link
Ok, here’s the download link: 0_wolfewave_04m.
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