Single Arrow WaveVolume Reversal MT4

One rejection. One arrow. One confirmed entry.

Single Arrow Reversal is a standalone reversal-signal indicator for MetaTrader 4. A ZigZag extreme is only a candidate: the arrow is printed on a later CLOSED bar that rejects that extreme — never on the extreme itself. Because the arrow lives on a closed, confirmed bar, the history you see is the history you get: confirmed arrows do not repaint.

Around the arrow engine you get three decision layers: wave-volume strength marks on every swing, a fib TP ladder of the last confirmed wave, and a live context dashboard (swing trend, volatility, volume reading and signal alignment). One file, no external indicators, no libraries, no DLLs.

From the same family: Single Arrow MT4, Single Arrow MTF MT4 and Single Arrow Scanner MT4.

MT4 edition — same engine, same signals

This is the MetaTrader 4 build of Single Arrow Reversal: the same engine, the same inputs, the same defaults and the same closed-bar rejection rules as the MT5 edition — identical settings produce identical pivots and identical arrows on both platforms.

• Native per-bar Williams %R reading (no indicator handle): stays light in the live terminal and in the MT4 Strategy Tester.
• One EX4 file, no external indicators, no libraries, no DLLs — works on any broker, on a VPS and in Market rentals.
• The wave line is drawn with two coloured plots (rising leg and falling leg), so the chart stays clean while a swing is still developing.

The arrow lifecycle (read this first)

1. Candidate: the built-in linear-time ZigZag engine prints a swing extreme (a pivot).
2. Rejection window: for up to N closed bars (default 8) the indicator waits for a bar that breaks back through the trigger — pivot body, full candle or pivot close, your choice — and closes as a rejection candle.
3. Arrow: printed on that rejecting closed bar. If price makes a new extreme before the rejection, the candidate is invalidated: no arrow, no fake signal.

Typical latency is 1–8 bars after the pivot. That is the price of honesty: the tool prefers being right and slightly late over being early and repaint-prone.

Why confirmed arrows do not repaint

• Shift 0 (the forming bar) is never used for an arrow decision.
• Every comparison uses closed bars only: rejection candles, volume sums, trend and volatility readings.
• Once printed, a confirmed arrow is frozen in history.
• Optional pivot locking freezes confirmed pivots so later recalculations cannot move them.

The raw ZigZag wave line, like any ZigZag, may adjust while a swing is still developing. It is shown for context and is clearly separated from the arrow stream.

Wave-volume strength marks (- = +)

At each swing end the indicator compares the wave's average volume with the median of the previous same-direction waves and prints a mark:

• + (orange, large): stronger participation than recent waves.
• = (white): similar participation.
• - (silver, small): weaker participation.
• . — no comparable wave yet.

The exact raw volume and its percentage stay in the object tooltip. Marks are context, not a standalone trade signal.

Fib TP ladder

From the last confirmed wave the indicator draws a static ladder of dashed targets — 38.2 / 50 / 61.8 / 100 / 127.2% — refreshed only when a new pivot confirms. After a buy arrow the ladder sits above the entry; after a sell arrow, below. Display only: a structured way to think about exits, not a promise that price must respect it.

Context dashboard

• Trend: swing structure of the last confirmed pivots (higher highs & lows, lower, or mixed).
• Volatility: short (14) vs long (50) true-range ratio: quiet / normal / high.
• Volume: the latest wave mark with its percentage.
• Signal: the latest closed-bar arrow and whether it is with or against the current swing trend.

All readings use closed bars only and carry a "display only" tooltip.

A honest way to use it

• Signal zone: M1–M5 scalping. The engine was designed and sanity-checked in the native Strategy Tester on low timeframes.
• Prefer arrows aligned with the dashboard trend. Trend-aligned arrows behaved materially better than counter-trend arrows in the vendor's closed-bar tests; the dashboard shows the alignment live.
• Higher timeframes = context. On M15 and above, use the dashboard and wave structure for bias and take entries on a lower timeframe.
• Combine the fib ladder with your own risk rules; the raw arrow stream is a signal source, not a complete system.

Defaults & settings reference

• ZigZag: Depth 34 / Deviation 13 / Backstep 8 · WPR 14 (optional divergence filter) · Lookback 5000.
• Reversal confirm ON · Wait 8 closed bars · Trigger 0 = pivot body, 1 = full candle (stricter), 2 = pivot close (earlier) · rejection candle must close with the reversal.
• Wave line ON · volume marks ON · tick or real volume · fib TP ladder ON · dashboard ON.
• Legacy weakening volume gate OFF by default (it removed most arrows; kept for research).
• Optional: WPR divergence filter, pivot locking, diagnostics panel.

For EA developers — 12 buffers

• 0 buy arrow price · 1 sell arrow price · 2 signal (+1/-1) · 3 pivot direction · 4 WPR series · 5 rising-leg wave price · 6 falling-leg wave price · 7–9 volume-filter state & ratios · 10 pre-filter candidate · 11 reversal state at the pivot.

Important and honest notes

• Decision-support tool. No accuracy or profit claim is made.
• Confirmed arrows do not repaint; the raw wave line can adjust while a swing develops.
• Test in the native Strategy Tester before live use — the closed-bar design keeps backtests representative.