The Waves Pattern Price Action Forex indicator for Metatrader 4 identifies powerful waves and trading patterns that suit advanced currency traders.
Based on the trading patterns and waves shown on the chart, it’s possible to enter low risk trades that could results in a large number of profit pips.
After you have downloaded and installed the indicator on the MT4 trading platform, it should look like the image shown below.
Key Features
- Identifies waves and patterns
- Versatile technical indicator
- Good for entry & exit points
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a possible trend reversal confirmation tool.
Free Download
Download the “waves pattern.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Waves Pattern Price Action trading indicator in action.
Basic Trading Signals From the Waves Pattern Price Action Indicator
Please note that this indicator suits advanced currency traders only.
BUY:
- Open a buy position when the indicator identifies a bullish wave or trading pattern.
- Place a stop loss below the previous swing low
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- Open a sell position when the indicator identifies a bearish wave or trading pattern.
- Place a stop loss above the previous swing high.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download Now
Download the “waves pattern.ex4” MT4 indicator
Waves Pattern Price Action + Super Trend Line Trend-Following Strategy
This strategy blends precise price action pattern detection from the Waves Pattern Price Action Indicator with the strong trend direction filtering of the Super Trend Line Forex Indicator.
Together, they help traders enter trades aligned with dominant market trends and confirmed price action setups.
Strategy Overview
- Waves Pattern Price Action Indicator identifies key wave formations and price action patterns signaling potential reversals or continuations.
- Super Trend Line Forex Indicator displays trend direction clearly, allowing you to trade only in the trend’s direction for higher probability setups.
Recommended Settings
- Timeframes: H1, H4, Daily
- Pairs: EUR/USD, GBP/USD, USD/CHF, AUD/USD
Buy Setup
- Confirm the Super Trend Line shows an uptrend (typically green or bullish slope).
- Look for bullish wave patterns or reversal signals from the Waves Pattern Price Action Indicator.
- Enter a buy trade at candle close once both conditions align.
- Place a stop loss below the recent swing low or below the Super Trend Line for protection.
- Take profit can be set at previous resistance levels or using a trailing stop as the trend continues.
Sell Setup
- Confirm the Super Trend Line indicates a downtrend (typically red or bearish slope).
- Identify bearish wave patterns or reversal signals from the Waves Pattern Price Action Indicator.
- Enter a sell trade at the close of the confirming candle.
- Place a stop loss above the recent swing high or just above the Super Trend Line.
- Target previous support zones or trail your stop as the trend progresses downward.
Additional Trading Tips
- Use this strategy in trending markets; avoid during sideways consolidation phases.
- Combine with volume or volatility indicators for added confirmation.
- Manage risk carefully and use proper position sizing based on volatility and timeframe.
Adjustable Indicator Parameters & Settings
Back step, time distance, Fibonacci, colors, style
Technical Information
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: wave patterns
Final Thoughts
The Waves Pattern Price Action Indicator for MetaTrader 4 is designed for advanced traders seeking to identify significant wave formations and price action patterns.
Highlighting these patterns directly on the chart aids in pinpointing potential entry and exit points with reduced risk.
Its non-repainting nature ensures that once a signal is generated, it remains valid, providing reliable guidance for trade decisions.
The indicator’s versatility allows it to complement any existing trading strategy, serving as a confirmation tool for trend reversals.
For optimal use, consider combining it with other indicators, such as the Super Trend Line Forex Indicator, to enhance trend direction filtering and improve trade accuracy.
