[Herif's] Wolfe Waves

Jan 19, 2022

Wolfe Waves™

This indicator draws wolfe wave patterns.
Some patterns need to be validated by the user.
When detecting Wolfe waves, two triangles are formed.
A target line is drawn from the origin of one of these triangles to the apex or trough of the other.
Bullish patterns are indicated by green triangles and bearish patterns by red triangles. The target line is black.

Care bullish wolfe wave rules

Understanding Wolfe Waves
Wolfe Wave patterns were first identified by Bill Wolfe and his son, Brian. According to Wolfe, they occur naturally in all markets. To recognize them, traders must identify a series of price oscillations that correspond to specific criteria:

-The waves must cycle at a consistent time interval.
-The third and fourth waves must stay within the channel created by the first and second waves.
-The third and fourth waves must show symmetry with the first and second waves.
-In a Wolfe Wave pattern, the fifth wave breaks out of the channel. According to the theory behind the pattern, a line drawn from the point at the beginning of the first wave and passing through the beginning of the fourth wave predicts a target price for the end of the fifth wave. If a trader properly identifies a Wolfe Wave as it forms, the beginning of the fifth wave represents an opportunity to take a long or short position. The target price predicts the end of the wave, and therefore the point at which the trader aims to profit off the position.

Mar 2, 2022

Release Notes

Updated wolf spawn conditions. margin of error is reduced. Formation of formation was provided in accordance with wolf conditions.