The Wolf Waves Scanner Indicator is a multifunctional price charting indicator that automatically spots key chart patterns on MT4 charts.
It works excellent for forex and stock traders who rely on the Wolf Waves theory to anticipate buy/sell opportunities.
Wolf Waves Scanner comprises five price swinging points. The fifth wave is considered the final movement of the price. The patterns in red color indicate a possible future bearish movement. The blue wolf waves represent bullish price patterns.
Technically, Wolf Waves Scanner is a suitable indicator for all types of financial trading assets and can adapt to any timeframes available within the MT4 platforms.
Therefore, anyone can use this indicator alongside their existing strategies for improving their trading performance from beginners to expert price action traders.
Buy Signal generation with the Wolf Waves Scanner Indicator
In the above example, the price was initially downtrend and moving within a bearish trend channel. Points 2 and 4 show the highs of the price during the bearish move.
The areas at 1, 3, and 5 show the swinging points of the price while hitting the lower trendline. After the price completes an entire cycle of the Wolf Waves, we’ll consider the 5th swinging point as our possible area of entry.
The indicator plots a yellow triangle at the lower trendline around the 5th price swinging point, highlighting the possible zone for entering long. Also, we’ll consider the higher trendline as the potential long-exit level.
Sell Signal Generation with the Wolf Waves Scanner Indicator
Enter short when the price rejects the higher trendline of Wolf’s Waves after completing the entire trend cycle. We may place a sell order like the above example after the price rebounds downwards from the ascending trendline resistance at the 5th swinging point.
We’ll consider a short exit whenever the price hits the lower trendline of the Wolfs Wave channel.