HighWave Candle Trading System

High-Wave Candle Trading System for MetaTrader 5

High-Wave Candle Trading System is a price action indicator for MT5 designed to detect extreme indecision candles and project breakout levels on both sides of the pattern range.

Overview

High-Wave Candle Trading System detects candles with a small body and extended shadows, representing strong intrabar indecision between buyers and sellers.

This structure can be used to identify potential breakout conditions when price compresses into a high-volatility indecision candle and then resolves beyond the pattern range.

All calculations are based on completed bars only.

Detection is non-repainting. Signal values do not change after the bar is closed.

The indicator can draw Entry, Stop Loss, and Take Profit levels directly on the chart and track signal progress after detection.

Detection Logic

The detection model evaluates each completed candle through several structural conditions.

These conditions can include:

• Minimum body size to exclude doji-style candles

• Maximum body size relative to ATR

• Minimum total range relative to ATR

• Extreme shadow-to-body ratio

• Wick symmetry between upper and lower shadows

The indicator is designed to distinguish High-Wave Candle structures from doji, spinning top, and one-sided rejection candles.

Patterns that do not meet the selected structural requirements are ignored.

Quality Evaluation

Each valid pattern can be evaluated through a multi-factor quality model.

The scoring process can include measurements such as:

• Combined shadow-to-body ratio

• Range relative to ATR

• Body size relative to ATR

• Wick symmetry

• Relative range compared with the previous candle

• Close position relative to the previous candle

Signals below the selected minimum threshold can be filtered out automatically.

Multiple detection modes are available, including Standard Mode, Strict Mode, and Custom Mode.

Entry and trade planning

For confirmed setups, the indicator can project breakout levels using pending-style entry logic above and below the pattern range.

For each valid setup, the indicator can display:

• Entry level

• Stop Loss level

• Up to four Take Profit levels

• Risk and reward zones on the chart

Stop Loss can be calculated using a pattern-based method, ATR-based logic, or Donchian Channel reference.

An optional trailing stop based on Donchian logic is also available for users who want dynamic trade management after entry.

Filters and tools

Optional filters are available to reduce unnecessary signals:

• Trend Filter

• Volume Filter

• Session Filter

• Volatility Filter

• Market Structure Filter

The built-in scanner can monitor multiple symbols and timeframes from a single chart.

The indicator also includes BOS and CHOCH labels, a signal dashboard, alert options, chart themes, statistics tracking, and output buffers for Expert Advisor integration through iCustom().

Recommended use

Recommended timeframes are H1 and H4 for a balance between signal frequency and structural clarity.

The indicator can be applied to Forex pairs, XAUUSD, BTCUSD, indices, and other symbols, depending on broker data quality and symbol characteristics.

Loading sufficient chart history is recommended for more stable structure analysis.

MetaTrader 5 only.

No DLL calls.

No external WebRequest connections.

Important notes

This indicator is a technical analysis tool.

It does not guarantee trading results.

Users should test settings in their own environment and apply appropriate risk management.

Support is available through the product comments section or via MQL5 direct message.