Wave Trend Oscillator Indicator MT4

MT4 Free Download

Introduction to the Wave Trend Oscillator Indicator

The Wave Trend Oscillator Indicator is a popular and widely used indicator for finding market tops and bottoms. It’s a great tool for identifying swings and taking advantage of these moves. In good hands, it helps to use strategic turning points for high winning rates.

The Wave Trend Oscillator Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

Anatomy of the Wave Trend Oscillator indicator

As the name suggests, it is an oscillator, thus it provides overbought and oversold market levels. In other words, these levels are where the price is most likely to reverse. By default, the overbought state is considered when both oscillator lines rise above the 53 level. Conversely, the oversold state is considered when both oscillator lines drop below the -53 level. When you load up the indicator, it should look like this:

Anatomy of the Wave Trend Oscillator Indicator

If you want to customize settings, you have the following inputs available:

Wave Trend Oscillator Indicator Settings

Wave Trend Oscillator Indicator: Buy Signal

Follow these steps for a long trade:

Both oscillator lines drops to oversold level
It stay is oversold area for at least 3 consecutive bars
Oscillator lines cross to the upside and rises above oversold level
Bullish candlestick is formed
Buy trade is now triggered
Set stop loss a few pips below the most recent market low
Take profit after reaching satisfying risk to reward ratio

Wave Trend Oscillator Indicator Example of Buy Trade

Wave Trend Oscillator Indicator: Sell Signal

Follow these steps for a short trade:

Both oscillator lines rises to overbought level
It stay is overbought area for at least 3 consecutive bars
Oscillator lines cross to the downside and drops below overbought level
Bearish candlestick is formed
Sell trade is now triggered
Set stop loss a few pips above the most recent market high
Take profit after reaching satisfying risk to reward ratio

Wave Trend Oscillator Indicator Example of Sell Trade

How to set up the Wave Trend Oscillator indicator in MetaTrader (MT4)?

Installation Guide

Download the Wave Trend Oscillator.rar archive at the bottom of this post, unpack it, then copy and paste the Wave Trend Oscillator.ex4 or Wave Trend Oscillator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Wave Trend Oscillator Indicator in MT4 Navigator

Summary Of That Forex Indicator

The Wave Trend Oscillator indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.