MT4 Wolfe Waves Indicator (Scanner)
MT4 Wolfe Waves Indicator automatically identifies Wolfe Wave formations on price charts using ZigZag-based pattern detection. The indicator displays the wave structure, structural reference lines, and a projected target level — with a multi-asset scanner dashboard and configurable alerts.
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What the Wolfe Waves Indicator (Scanner) Does
The Wolfe Waves Indicator automatically identifies Wolfe Wave formations — a five-point price pattern based on the ZigZag indicator. The pattern is structurally related to the Wedge formation in technical analysis, but with a specific directional requirement: a bearish Wolfe Wave pattern requires the wedge to tilt upward, and a bullish pattern requires it to tilt downward.
Wolfe Waves Indicator — Key Features
How the Pattern Is Identified
The indicator identifies Wolfe Wave formations by evaluating five structural points derived from the ZigZag output.
Price forms two descending peaks and two descending troughs. The wedge formed by these points tilts downward. A bullish condition is registered when price breaks above the peak level formed by points 1 and 3 — a green upward arrow appears on the bar where this level is broken.
Price forms two ascending peaks (points 1 and 3, with point 3 higher than point 1) and two ascending troughs (points 2 and 4, with point 4 higher than point 2). The wedge formed by these points tilts upward. A bearish condition is registered when price breaks below the trough level formed by points 2 and 4 — a red downward arrow appears on the bar where this level is broken.
The proportions of the formation must fall within defined tolerance limits for the pattern to be considered valid. If the structural proportions do not meet the criteria, no directional marker is displayed. The tolerance parameters are configurable in the ZigZag settings.
Target Level and Convergence Reference
In addition to the directional marker, the indicator calculates and displays a projected structural reference level based on the geometry of the formation.
To determine this reference, the indicator draws two lines through the wave points: one connecting points 1 and 3, and another connecting points 2 and 4. The bar at which these two lines converge is the structural target bar. A third line, connecting point 1 to point 4, intersects with a vertical line at the target bar. The price level at this intersection represents the structural reference level projected by the pattern geometry.
This reference level reflects the mathematical convergence of the wave structure — it does not guarantee that price will reach or reverse at this level.
Multi-Asset Scanner Dashboard
The dashboard is displayed in the lower left corner of the chart and shows the current condition status across all monitored assets and timeframes in a structured table — assets in rows, timeframes in columns.
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. Clicking any cell updates the chart to the corresponding asset and timeframe directly.
Monitored instruments must be entered in the properties window as a comma-separated list and must be present in the terminal’s Market Watch window. Timeframes are enabled and disabled individually in the same properties window.
How to Interpret the Wolfe Wave Structure
Wolfe Waves typically form during extended consolidation phases following a directional move. During these periods, price continues testing new levels in the direction of the prior move, but with decreasing amplitude — each successive swing fails to extend as far as the previous one. The wedge shape that forms during this process reflects a structural narrowing of price movement.
The indicator tracks the breakout of the wedge boundary — the level formed by the two peaks or two troughs. When price breaks through this boundary after the wedge has formed, this is the structural event that triggers the registered condition.
Indicator Limitations — Wolfe Wave detection is based on ZigZag-derived structural points and geometric proportion criteria applied to historical price data. The indicator identifies formations that meet the defined structural criteria — it does not predict future price movement or guarantee that a registered condition will result in any particular price behavior. The projected target level reflects the mathematical convergence of the wave geometry — not a forecast. Pattern validity depends on ZigZag parameter settings, and different configurations will produce different formation counts. All registered conditions 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, entered as a comma-separated list. |
| Enable_M1–MN | Include or exclude individual timeframes from the scanner scope. |
| Max_bars | Limits how far back the scanner evaluates formations. Reducing this value improves calculation speed. |
| Enable alert / Enable email / Enable mobile | Alert delivery: platform notifications, email, or mobile — each configurable independently. |
| Pattern Detection | |
| ZigZag settings | Configures the core ZigZag parameters used for peak and trough identification, including depth, deviation, and backstep values. |
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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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.
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