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Wolf W

The indicator looks for possible Wolfe waves on the chart.

Wolfe Waves represent one of the methods of technical analysis based on the search of specific price patterns. It has been developed by Bill Wolfe. Compared with the Elliott Waves, Wolfe Waves are different in that the analysis is done on the spot and does not require data of higher or lower timeframes.

The main advantage of the method is the ease of use. You can select a certain number of trading instruments and track patterns at certain timeframes.

Wolfe Waves can be used as the basic or additional method in a trading system. They may be useful also in combination with Elliott Waves, candlesticks, Fibonacci tools, as well as the Murray's method.

Indicator Parameters

  • ExtDeviation – the minimum number of points between the Highs (Lows) of two adjacent candlesticks for the Zigzag to form a local top (local bottom);
  • ExtDepth – the minimum number of candlestick, for which Zigzag will not draw the second maximum (or minimum), if the last one is ExtDeviation less (or greater) than the previous one;
  • ExtBackstep – the minimum number of candlesticks between the local maximal or minimal values.
Martin Brown
Martin Brown 2019.11.07 18:35 

This is a very good indicator. The only thing that would make it better is an alert for the 5th wave

pandiras 2019.01.13 14:57 

The indi is showing waves, yes - but they ain't no Wolfe Waves. Period.

sunnychow 2018.12.16 14:59 

User didn't leave any comment to the rating

Matthew Todorovski
Matthew Todorovski 2018.06.30 14:24 

1 Star (20%) = Bad

2 Star (40%) = Undecided

3 Star (60%) = Acceptable

4 Star (80%) = Good

5 Star (100%) = Excellente!

Tim Eubanks
Tim Eubanks 2018.03.16 02:18 

Good tool...

Ali irwan
Ali irwan 2017.08.06 03:50 

User didn't leave any comment to the rating

Gennadiy Voltornist
Gennadiy Voltornist 2017.05.17 17:26 

User didn't leave any comment to the rating

Vyacheslav Korolev
Vyacheslav Korolev 2017.05.06 20:58 

User didn't leave any comment to the rating

Maksym Mudrakov
Maksym Mudrakov 2016.08.30 19:22 

User didn't leave any comment to the rating

masonite 2015.06.08 22:29 

good, but can add parameters for zigzag?

Version 1.1 2015.12.03
Added Indicator parameters.