Wolfe Wave Scanner
A Wolfe Wave is a five-point reversal structure: points 1, 3 and 5 on one side, points 2 and 4 on the other, in that time order. What makes it a Wolfe Wave rather than any five zig-zag points is the channel: the 1-3 line and the 2-4 line converge, narrowing like a wedge, and point 5 pushes through the 1-3 line in a "throw-over" before the reversal - the pattern's hallmark and the moment a trade would actually trigger. This scanner applies that construction directly. For a bottoming (bullish) wave, it requires point 3 to sit above point 1 (line 1-3 rising), point 4 to sit below point 2 (line 2-4 falling, so the two lines converge), and point 5 to make a new low that also closes below the 1-3 line extended to point 5's own time. The bearish case mirrors this with highs and lows swapped. Once a wave confirms, the 1-3 and 2-4 lines are drawn as the channel, and the 1-4 line - the "Estimated Price at Arrival" target Wolfe traders commonly use - is drawn extended forward from point 4. Swing points use the same strict fractal confirmation as the other multi-point scanners in this catalogue: a point is only confirmed once InpSwingBars bars have closed on each side of it, so a wave's point 5 is fixed the moment it is drawn and never moves afterwards. Honest caveat, because this class of tool earns it: a five-point geometric shape test alone has a meaningfully high false-positive rate. Plenty of confirmed structures on a chart satisfy the wedge-and- throw-over geometry without the market actually reversing at point 5. This indicator is a shortlist of candidates that fit the published shape, not a filtered, high-conviction signal - treat every marked wave as something to look at, not something to trade on its own. Notes and limitations - This is a shape scanner, not a forecasting tool - see the false- positive caveat above. Expect a meaningful share of marked waves to not follow through. - No volume, momentum, or trend-context filter is applied. Every five-point structure meeting the geometric test is marked. - The 1-4 target line is drawn as published (a common Wolfe Wave practice), not validated here as an accurate price target - treat it as a reference line, not a guarantee. - On a very noisy or very quiet instrument, InpSwingBars may need tuning before the scanner produces a usable rate of candidates.
Indicator · MT5 · v1.0 · Free
About Wolfe Wave Scanner
Wolfe Wave Scanner is an indicator for MetaTrader 5. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 3 settings, such as Swing bars, Show lines and Alerts. MQL source code included.
Files in the download: WolfeWaveScanner.ex5, WolfeWaveScanner.mq5, WolfeWaveScanner.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Swing bars | 5 | Bars each side required to confirm a swing point |
| Show lines | true | Draw the 1-3, 2-4 channel lines and the 1-4 target line |
| Alerts | true | Alert once, when a new wave's point 5 confirms |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Channels & Envelopes · Dashboards & Scanners · Trend · Buy/Sell Arrows · Alerts · MT5 Indicator · MQL5 Source Code