• Overview
  • Reviews (12)
  • Comments (11)
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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.
Reviews 12
Martin Brown
315
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

sunnychow
8612
sunnychow 2018.12.16 14:59 
 

User didn't leave any comment to the rating

Tim Eubanks
5552
Tim Eubanks 2018.03.16 02:18 
 

Good tool...

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⭐️   ⭐️   ⭐️     ⭐️   Trend Screener EA is available for Free to our customers who   Trend Screener Pro version ⭐️⭐️⭐️   ⭐️ Trend Screener EA =>      https://www.mql5.com/en/market/product/59696 Trend Screener EA   is an Expert Advisor designed specifically to trade as multi-currencies and multi-timeframe EA. The operation is based on opening orders using the Trend Screener   indicator, this the EA works according to the "Trend Follow" strategy, which means following the trend and trading
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[Deleted] 2015.06.08 22:29 
 

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Maksym Mudrakov
24634
Maksym Mudrakov 2016.08.30 19:22 
 

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Vyacheslav Korolev
8269
Vyacheslav Korolev 2017.05.06 20:58 
 

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Gennadiy Voltornist
12021
Gennadiy Voltornist 2017.05.17 17:26 
 

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Ali irwan
5136
Ali irwan 2017.08.06 03:50 
 

User didn't leave any comment to the rating

Tim Eubanks
5552
Tim Eubanks 2018.03.16 02:18 
 

Good tool...

Matthew Todorovski
13295
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!

sunnychow
8612
sunnychow 2018.12.16 14:59 
 

User didn't leave any comment to the rating

pandiras
124
pandiras 2019.01.13 14:57 
 

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

Martin Brown
315
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

CM M
43
CM M 2020.11.17 15:46 
 

Does not follow the rules of Elliott Wave theory. Often times I find wave 2 falling below the start of wave 1. Promising for a free indicator, but needs more work.

Pawel Michalowski
222
Pawel Michalowski 2020.12.16 23:50 
 

Sorry bro. 2 stars for effort, but this is nothing but a fancy zigzag indicator and the last leg will repaint so meh

Reply to review
Version 1.1 2015.12.03
Added Indicator parameters.