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Wolf Waves Scanner Indicator

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The Wolf Waves Scanner Indicator for MT4 is a powerful tool designed to automate the identification and plotting of wolf waves on price charts. This innovative indicator aids forex traders by eliminating the manual process of identifying and constructing wolf waves. Wolf waves are known to signal potential bullish or bearish price moves, allowing traders to enter positions with a higher risk-reward ratio. The rule-based trading system provided by the indicator helps traders pinpoint optimal entry points.

Wolf Waves Scanner Indicator

Key Features:

  1. Automated Wolf Wave Detection:
  2. Intraday and Longer-Term Application:
    • Suitable for all intraday price charts, as well as daily, weekly, and monthly charts, the Wolf Waves Scanner Indicator offers flexibility in application, catering to traders with various trading preferences.
  3. Rule-Based Trading System:
  4. Color-Coded Waves:
    • The indicator visually represents potential bull waves in blue, bearish waves in red, and highlights the sweet zone in yellow. This color-coded representation enhances clarity for traders.

Wolf Wave Trading Setup:

The trading setup involves adhering to key rules associated with the Wolf wave theory:

  1. Channel Containment:
    • Waves 3 and 4 should be contained within the channel formed by connecting waves 1 and 2.
  2. Equal Lengths:
    • The length between waves 1 and 2 should be nearly equal to the length of waves 3 and 4.
  3. Wave 4 Touches Channel:
    • Wave 4 should touch the channel formed by waves 1 and 2.
  4. Time Equality:
    • The time taken for wave movement between the channel should be approximately equal.
  5. Breakout Confirmation:
    • For a bullish trend, wave 5 should break above the trendline connecting waves 1 and 3. In a bearish trend, wave 5 should break below the trendline of waves 1 and 3.
  6. Trade Entry:
    • Enter the market after the 5th wave breaks out of the channel and reverses back into the channel. The estimated profit target is at the line connecting waves 1 and 4.

Conclusion:

The Wolf Waves Scanner Indicator for MT4 is a valuable tool for traders interested in wolf wave patterns. By automating the identification process and providing clear visual representations, the indicator simplifies wolf wave trading. Traders are advised to familiarize themselves with the Wolf wave theory and adhere to the specified rules for accurate and informed trading decisions. The indicator is available for free download, offering accessibility to traders seeking an efficient wolf wave trading solution.

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