MT4 WaveTrend Indicator (Scanner)
MT4 WaveTrend Indicator is an adaptive oscillator that measures price position within a volatility-scaled channel. The scanner monitors crossover conditions across all specified assets and timeframes in two configurable modes — Standard and Cross — through a structured dashboard with configurable alerts.
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What the WaveTrend Indicator (Scanner) Does
The WaveTrend Indicator is built around an adaptive channel whose width scales with the current volatility of the monitored instrument. The main indicator line reflects the position of price within this channel — positive values indicate price is in the upper half of the channel, negative values indicate it is in the lower half.
Because the channel width adapts to volatility, the indicator’s output remains meaningful across different market conditions without requiring manual recalibration. The value range stays approximately within -100 to +100 across most market conditions.
The indicator displays three visual elements: a main line, a signal line, and a histogram showing the difference between them. Crossover points between the main and signal lines are marked with directional markers on the chart.
The indicator evaluates conditions on closed bars only — a directional marker appears only when the bar has fully closed and the crossover condition is definitively met. This means registered conditions do not redraw.
The indicator window displays four horizontal levels organized in two pairs:
Operating Range Levels
The lower overbought level (upper boundary) and the upper oversold level (lower boundary). These define the boundaries beyond which price movement is considered extended relative to the adaptive channel. Crossovers occurring beyond these levels carry additional structural context in Standard mode.
Critical Levels
The upper overbought level and the lower oversold level. These represent more extreme extensions beyond the operating range.
The relationship between the main and signal lines, combined with their position relative to these levels, drives the two detection modes.
How to Interpret and Use the WaveTrend Indicator
The indicator supports two detection modes, which can be enabled independently or simultaneously.
Standard Mode
A bullish condition is registered when the main line crosses the signal line from below, provided both lines were below the upper oversold level immediately before the crossover. A bearish condition is registered when the main line crosses the signal line from above, provided both lines were above the lower overbought level immediately before the crossover.
This mode restricts condition registration to crossovers that occur within the extended zones — filtering out mid-range crossovers where the lines have not reached a structurally meaningful level.
Cross Mode
A bullish condition is registered when the main line crosses the signal line from below at any position, regardless of level context. A bearish condition is registered when the main line crosses from above at any position.
This mode registers all crossovers without the zone filter applied in Standard mode — producing more frequent conditions with less structural selectivity. When using Cross mode, each registered condition requires additional analytical context before it can be meaningfully evaluated, as mid-range crossovers occur frequently and do not carry the same structural significance as zone-based crossovers.
Both modes can be active simultaneously — Standard mode conditions and Cross mode conditions are registered and alerted independently.
Multi-Asset Monitoring with the Dashboard
The dashboard displays the current condition status across all monitored assets and timeframes in a single structured view.
Each cell shows the directional context of the most recently registered condition — bullish or bearish — and the number of bars back at which it was registered. Green cells indicate a bullish condition, red cells a bearish one. Color saturation decreases as the condition becomes less recent. Clicking any cell updates the chart to the corresponding asset and timeframe directly.
All standard timeframes are supported. Monitored instruments must be available in the terminal’s Market Watch window.
Indicator Limitations — The WaveTrend Indicator reflects calculations based on historical price and volatility data. The adaptive channel scaling reduces the need for manual parameter adjustment across different instruments, but does not eliminate the possibility of false crossovers — particularly in Cross mode, where mid-range crossovers are frequent. Registered conditions indicate that the defined crossover criteria have been met on a closed bar — they do not predict future price movement or guarantee any particular market outcome. All readings should be evaluated within a broader analytical framework.
Indicator Settings & Parameters
The indicator has the following parameters.
| Parameter | Description |
|---|---|
| Scanner & Alerts | |
| Assets | Instruments to include in the scanner. |
| Enable_M1–MN | Include or exclude individual timeframes from the scanner scope. |
| Max_bars | Limits how far back the scanner evaluates conditions. Reducing this value improves calculation speed. |
| Enable alert / Enable email / Enable mobile | Alert delivery: platform notifications, email, or mobile — each configurable independently. |
| WaveTrend | |
| Overbought_level (upper / lower) | Configures the upper and lower boundaries of the overbought zone. |
| Oversold_level (upper / lower) | Configures the upper and lower boundaries of the oversold zone. |
| Applied_price | Price type used for calculations:
|
| Detection Modes | |
| Enable_standard_signals / Enable_cross_signals | Enables or disables condition detection in Standard and Cross modes independently. |
| Enable_standard_alert / Enable_cross_alert | Enables or disables alerts for Standard and Cross mode conditions independently. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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"Best Seller" and "Trending" reflect Nordman Algorithms sales and usage data, January–September 2026.
Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
Every project is delivered with full source code and post-delivery support. Fixed-price quote before development begins.
