Scanning Multiple Markets for Wolfe Wave Patterns
Summary
This document describes a MetaTrader 5 dashboard that scans multiple symbols and timeframes for Wolfe Wave chart patterns. Its detection rules use alternating pivots and the convergence of two pattern lines, with configurable tolerances and limits on pattern width. The dashboard reports direction, pattern age, and historical average time to target, and lets users open a chart with the pattern drawn for inspection.
The tool is designed to process newly closed bars in batches and can store time-to-target statistics and send alerts. These features support monitoring and review, but the document provides no backtest, performance results, or validation of the pattern rules. Wolfe Wave detection depends on geometric criteria, and the stated caveat is that price may not reach the estimated price objective. The dashboard therefore describes a screening and visualization aid, not evidence that the patterns predict profitable trades.
Key ideas
- The indicator scans selected symbols and timeframes for Wolfe Wave patterns defined by pivot and line relationships.
- It displays pattern direction, age, and historical average time to target.
- Opening a result draws the pattern and related chart annotations for visual review.
- Alerts and stored statistics support ongoing monitoring, but no trading performance evidence is provided.
- The projected price objective is not guaranteed to be reached.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.