The Forex Waves Signal Pattern indicator for MT4 uses the 1-2-3-4 price action pattern in a bid to identify profitable trend reversals.
The indicator will draw buy & sell signals on the chart once the trading pattern has been formed.
The indicator is very reliable, non-repaint, and will not slow down your trading platform.
Key Features
- Price action pattern
- Non-repaint buy/sell arrows
- No price lag
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a trend reversal confirmation tool.
Free Download
Download the “waves signal.mq4” MT4 indicator
Indicator Example Chart
The USD/CAD 1-hour chart below shows the Forex Waves Signal Pattern indicator in action.
Trading Signals From the Forex Waves Signal Pattern Indicator
Signals from the Forex Waves Signal Pattern indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- A buy signal is given when the white arrow gets printed on the chart.
- Place a stop loss below the low of the trading pattern.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- A sell signal is given when the red arrow gets printed on the chart.
- Place a stop loss above the high of the trading pattern.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download Now
Download the “waves signal.mq4” MT4 indicator
Forex Waves Signal Pattern + Zee Zee Alert Momentum Strategy
This strategy combines the pattern recognition power of the Forex Waves Signal Pattern Indicator with the fast momentum alerts of the Zee Zee Alert Forex Indicator.
It aims to provide early, reliable entry points on strong trend moves and pattern breakouts.
Strategy Concept
- Forex Waves Signal Pattern detects key chart patterns and wave formations, indicating potential reversals or trend continuation.
- Zee Zee Alert provides real-time alerts when momentum shifts, supporting timely entry and exit decisions.
Recommended Usage
- Timeframes: M15, M30, H1
- Currency Pairs: EUR/USD, GBP/USD, USD/JPY, AUD/USD
Buy Setup
- Wait for a bullish wave pattern or breakout confirmation from the Forex Waves Signal Pattern Indicator.
- Confirm a bullish alert signal from the Zee Zee Alert Indicator.
- Enter a buy trade at the close of the confirmation candle.
- Place stop loss below the recent swing low or wave bottom.
- Set take profit at next resistance or according to your risk-reward plan.
Sell Setup
- Look for a bearish wave pattern or breakdown signal from the Forex Waves Signal Pattern Indicator.
- Confirm a bearish alert from the Zee Zee Alert Indicator.
- Enter a sell trade at candle close after confirmation.
- Place stop loss above the recent swing high or wave top.
- Take profit at the next support zone or target based on your exit strategy.
Additional Tips
- Trade only during active market hours (London/New York sessions) for best momentum.
- Combine this strategy with higher timeframe trend analysis for better filtering.
- Use trailing stops once your trade moves into profit to maximize gains.
Technical Parameters & Settings
History, channel width, quantity touches, code buy, code sell, signal bar, alerts
More Info About This Tool
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: wave pattern
How to install the Forex Waves Signal Pattern indicator in Metatrader 4?
- Copy and paste the waves signal.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
