Merril Wave PRO

Merrill Wave PRO — Advanced Harmonic Pattern Recognition Indicator

Merrill Wave PRO is a professional, high-precision technical analysis tool developed for the MetaTrader 5 platform. Its advanced core engine automatically scans and detects all 32 classical Merrill M and W pattern structures (from M1 to M16 and W1 to W16) in real-time, mapping price action swings in combination with mathematical projections and institutional support and resistance levels.

The indicator features a fully integrated futuristic HUD Control Dashboard on the chart, providing key statistical performance metrics and dynamic target forecasts without cluttering your screen.

Key Features

• Automatic Pattern Recognition: Instant identification of all 32 Arthur Merrill M & W structural chart patterns, classified based on pure price action swings.
• High-Tech HUD Dashboard: Interactive panel showing the active Merrill pattern name, the classical chartist equivalent structure (e.g., Double Top, Head & Shoulders, Broadening Wedge), the active signal, the target price, and the historical Win Rate.
• Evolution & Mutation Forecasts: Projects mathematical target levels (Evolution and Mutation) calculated based on Fibonacci ratios, showing distance in pips in real-time.
• Statistical Win Rate Metrics: Calculates the historical accuracy of the indicator directly on the chart based on the analyzed sample size, providing clear percentages of effectiveness and noise for smarter decisions.
• Institutional Support & Resistance: Draws automatic horizontal lines based on the pattern's vertices, color-coded for supply and demand rules: Red for Resistance zones (Sells) and Green for Support zones (Buys).
• Fully Customizable & High-DPI Ready: Supports scaling for 4K and high-resolution monitors. Customize the panel scale, position, and colors of all visual objects.

Recommended Trading Methodology

• Buy Signals (W-Patterns): When a W-pattern is detected with a "BUY (BULLISH)" signal, look for price action confirmation (such as a pin bar, bullish engulfing candle, or bottom rejection wick) near the support line (green lines) or in the projected target zone.
• Sell Signals (M-Patterns): When an M-pattern is detected with a "SELL (BEARISH)" signal, look for price action confirmation (such as a shooting star, bearish engulfing candle, or top rejection wick) near the resistance line (red lines) or in the projected target zone.
• Risk Management: Place your Stop Loss slightly above/below the last confirmed structural vertex, and use the projected Evolution/Mutation levels as suggested Take Profit (TP) targets.

Input Parameters

• Depth: Minimum number of bars to identify a new high or low in the Zigzag logic (Default: 31).
• Deviation: Minimum price change in pips to register a new vertex on the chart (Default: 5).
• Backstep: Minimum number of bars between high and low vertices (Default: 1).
• HistSize: Number of historical bars scanned by the engine to identify patterns (Default: 500).
• ColorArrow: Color of the structural arrows marking the pattern vertices.
• ColorTrend: Color of the structural trendlines connecting the Merrill points.
• WidthTrend: Line width of the structural trendlines.
• StyleTrend: Line style of the structural trendlines.
• ColorUpHLine: Color of the upper horizontal resistance levels (Crimson Red by default).
• ColorDownHLine: Color of the lower horizontal support levels (Bright Green by default).
• WidthHLine: Line width of the horizontal support and resistance lines.
• BackHLine: Toggle to draw support and resistance lines in the background of the chart.
• StyleHLine: Line style of the horizontal support and resistance lines.
• DashXOffset: Horizontal pixel offset of the HUD Dashboard.
• DashYOffset: Vertical pixel offset of the HUD Dashboard.
• DashScale: Scale factor of the HUD Dashboard size (from 0.5 to 2.0).

Theoretical Foundations & References

This indicator is a professionally optimized implementation based on the mathematical concepts and code logic documented within the MQL5 community:

• Official Theoretical Article: Read more about the mathematical classification of Arthur Merrill's wave patterns in the article: Arthur Merrill's Wave Patterns in MQL5.
• Original CodeBase Reference: Review the initial base algorithm logic in the MQL5 CodeBase: Merrill's Waves Indicator.