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Wolfe waves modified

This unique indicator automatically builds Wolfe Waves.


Features

  • Finds the points and builds the lines automatically.
  • Efficient trading strategy.
  • No redraws, no lags.
  • The indicator relaunch button is located directly on the chart.
  • The indicator has multiple configurable parameters.


Use

If number 5 appears, wait till the first candle is closed behind Moving Average, then look at the three center lines showing what lot volume should be used if the fifth dot crossed the line 25%. The candle is closed behind Moving Average, and then we open a trade with the lot: = (Let's apply the lot of, say, (0.40), divide it into four parts and open a quarter of the lot (0.10)). If the fifth dot crossed the line 100% (1-3) and the candle closes behind Moving Average, we open a deal with a lot: = (total volume 0.40). The deal remains open till the price reaches the line 1-4. Please note that sometimes the price does not reach the line. Trailing stop is recommended.


Tips on using the indicator in the strategy tester

To restart the indicator, delete the red square in the right corner.

Notes: entry points are displayed on the screenshots.


Main Parameters

  • Parameters indicator - setting the main indicator parameters.
    • MaxHistoryBars - amount of history bars to be checked.
    • Depth - minimum amount of candles, at which the indicator cannot build the second maximum/minimum if the first parameter conditions are suitable for construction.
    • Deviation - minimum values of the amount of points between Highs and Lows of the two adjacent candles suitable for the indicator to form a local peak or bottom.
    • Backstep - minimum amount of candles between local Lows and Highs. Changing the parameter affects the indicators' sensitivity. If we reduce the data for the system calculation, the amount of extremums is increased.
  • On what number bars move line, (0 = zero bar) - amount of candles, by which the lines are moved (if 0 = zero bar).
  • width (Wolfe Waves), (0 = automatic settings) - width (Wolfe waves) (if 0, automatic adjustment).
  • show Wolfe Waves: if signal falls under selected (%) - draw Wolfe waves: if the signal falls within selected ones (%).
    • Select signal - define the waves. The higher the percentage, the more strict conditions for the determination of the wave.
  • if (Wolfe Waves) not finds wait N bars, then continue search - if Wolfe waves are not found, wait for N candles and then continue the search.
    • timeout N bars - timeout of N candles.
  • SETTINGS FOR BREAKDOWN (WOLFE WAVES) - breakthrough settings (Wolfe waves).
  • number bars closed for line. (1 - 3) or more, for adjustment (Wolfe Waves) - amount of candles closed behind the line. 1-3 or 2-4 for restructuring the Wolfe waves.
  • (true = closed bars on direction trend) , (false = just closed bars for line) - true = close candles in the direction of a trend, false = close the candles behind the line.
    • Select closing - select closing.
    • number bars (0 = Off.) - amount of candles (0 = disabled).
  • number bars closed for line. (1 - 4), for adjustment (Wolfe Waves) - amount of candles closed behind the line (1-4) for restructuring the Wolfe waves.
  • (true = closed bars on direction trend), (false = just closed bars for line) - true = close candles in the direction of a trend, false = close the candles behind the line.
    • Select closing - select closing.
    • number bars (0 = Off.) - amount of closed candles (0 = disabled).
  • OPTIONS FOR SHOWING OFF (WOLFE WAVES) - Wolfe waves drawing parameters.
  • show Wolfe Waves: if line 1-3 or more, was broken, and closed less N bars - display the Wolfe wave: if the line 1-3 or 2-4 was broken and less than N candles were closed.
  • (true = closed bars on direction trend), (false = just closed bars for line) - true = close candles in the direction of a trend, false = close the candles behind the line.
    • Select closing - select closing.
    • number bars closed for line, for depiction (0 = Off) - amount of candles closed behind the line for drawing the Wolfe waves (0 = disabled).
  • setting notice when the emergence of Wolfe wave - set the notification of the Wolfe waves occurrence.
    • alert - enable/disable the alert (message on the screen).
    • email - enable/disable the email alert.

Good luck!

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