PZ Wolfe Waves MT5
99 USD
Demo downloaded:
2 331
Published:
23 August 2013
Current version:
7.0
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At the moment I am testing the Wolfe Waves and I was wondering whether you could give my an idea which amplitude I should choose for shorter time frames like 5 Min charts?
best regards
Lennetkann
At the moment I am testing the Wolfe Waves and I was wondering whether you could give my an idea which amplitude I should choose for shorter time frames like 5 Min charts?
Hi @lennetkann,
Kindly note there are infinite amplitudes possible, just like there are infinite moving averages on the chart. I can't give you the "best" setting, there is none.
During live trading, you can drag the indicator several times and use different simultaneous amplitudes, this is the best.
Thanks for the quick reply, I will try out differnt amplitudes. Maybe one obcervation so far: If entry is more than 3 bars away from the end of the wolfe wave, then it is most likely that the trade will not be profitable (using amplitude of 12, maybe this cchanges if I test different amplitudes)
best regards
Lennetkann
Thanks for the quick reply, I will try out differnt amplitudes. Maybe one obcervation so far: If entry is more than 3 bars away from the end of the wolfe wave, then it is most likely that the trade will not be profitable (using amplitude of 12, maybe this cchanges if I test different amplitudes)
Thanks for the quick reply, I will try out differnt amplitudes. Maybe one obcervation so far: If entry is more than 3 bars away from the end of the wolfe wave, then it is most likely that the trade will not be profitable (using amplitude of 12, maybe this cchanges if I test different amplitudes)
It doesn't get all the wolf waves, even less so with the strict wolf wave setting and changing the size of the waves. Still not certain how author got 90% win rate with this especially with big trends in some of the currency pairs.
It does not get all the wolfe waves because the amplitude parameter restricts the size of the waves being searched for. To get all wolfe waves, you must load the indicator several times in the chart with different amplitudes, for example, 6, 12, 18 and 24. For the record, I did a version that searches different amplitudes in the same indicator and I had to discard it because it really clogged up the chart with overlapping waves. I must let the user select the amplitude.
Initial impressions are good :) Thanks.
To you. I need to update this indicator to draw all at the same time, instead of pattern first and breakout later.
Thanks for the quick response. I admit I don't really understand what you mean by " instead of pattern first and breakout later."?
I have a question.
Is there a significance to the second arrow much lower on the chart (see screen shot)?
Thanks for the quick response. I admit I don't really understand what you mean by " instead of pattern first and breakout later."?
I have a question.
Is there a significance to the second arrow much lower on the chart (see screen shot)?
That is a drawing bug I have to fix, that is why I need to recode it. LOL. Sometimes you'll see double arrows. Please apologies I coded this indicator many many mt5 versions ago =(
OK, thanks for being honest. Not major issue for me.
How do we get notified of a new release? Or do I need to check back here periodically?
OK, thanks for being honest. Not major issue for me.
How do we get notified of a new release? Or do I need to check back here periodically?
Please can I ask, what are the patterns its showing me that aren't wolfe waves?
In other words, what are these wave patterns (see screen shot) based on? They certainly differ from standard Harmonic patterns?
Are they Fibonacci based? It would just be helpful to know what I'm looking at. Thank you.
Please can I ask, what are the patterns its showing me that aren't wolfe waves?
In other words, what are these wave patterns (see screen shot) based on? They certainly differ from standard Harmonic patterns?
Are they Fibonacci based? It would just be helpful to know what I'm looking at. Thank you.
Not harmonic at all. That is a non strict wolfe wave. You can turn it on strict if you enable strict in inputs.
Those arrows look weird. I really need to recode it.
Not harmonic at all. That is a non strict wolfe wave. You can turn it on strict if you enable strict in inputs.
Those arrows look weird. I really need to recode it.
Ok thank you. Please ignore the other arrows, they are from a different indicator.
My friend, please can you tell me why this set up didn't generate a valid bearish trigger?
The breakout was not meaningful enough. Wait.
Ok, thanks :)