Wolfe Wave Pattern

١٧ نوفمبر

Hello All!

For a while now, some of my followers have been asking me to develop Wolfe Wave Pattern. Here it's at your service as open-source and public indicator.

How it works?
- On each bar/tick it checks zigzag waves by using base period and updates the array that is used to keep zigzag levels and locations. Base period in the settings is the minimum zigzag period
- Then it searches if there is new bullish/bearish Wolfe Wave pattern according to last wave direction
- Before searching the pattern it calculates all possible 1234 waves. So any wave in 12345 uses base period or higher. it means that it search all possible candidates. This algorithm is much better than using a few zigzag periods.
- After getting all possible candidates, it checks if any of the found candidates is suitable for Wolfe Wave pattern and keeps them in a matrix
- if there are suitable candidate(s) it shows the latest one and triggers the alert
- it also follows the targets and if the price hits any of the target it extends the line and trigger the alert
- it doesn't check if any of the patterns hits stop-loss.

Options:
Base Period: minimum period to create the zigzag
Error Rate: there are usually so few perfect patterns, so we better consider deviation. if error rate is low than it finds less pattern with more accuracy, if error rate is high than it finds more pattern with less accuracy
- The other options are used for coloring the patterns and lines

Some examples:




P.S. I didn't have enough time to test the indicator, so please drop a comment if you see any issue while using it

Enjoy!

٢٢ نوفمبر

ملاحظات الأخبار

Individual alerts added
3. wave fixed

٢٤ نوفمبر

ملاحظات الأخبار

Numbers added (user request)

٢٤ نوفمبر

ملاحظات الأخبار

Arrows fixed