Introduction to the Wedge Pattern Indicator
The Wedge Pattern Indicator scans charts and automatically recognizes the Rising Wedge pattern and the Falling Wedge pattern. Generally speaking, the Wedge Pattern is a great breakout pattern and strong impulse usually take place after that. With the help of that gauge, you can benefit from it too.
The Wedge Pattern Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on 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.
Closer look on the Wedge Pattern Indicator
When you load up the indicator in your MT4 trading platform, you will see a couple of trendlines, which are the following:
- Turquoise lines — wedge pattern lines,
- Yellow lines — trendlines,
- Gray dotted lines — standard deviations of the trendline.
One should focus on the turquoise lines, which together create a wedge pattern. When that pattern is completed and the price breaks out of the wedge, that is a trigger for a trade opportunity. Simply speaking, a bullish breakout trade opportunity occurs when the price breaks and rises above the upper wedge trendline. Conversely, a bearish breakout trade opportunity occurs when the price breaks and falls below the lower wedge trendline.
Check charts of the Wedge Pattern Indicator in action.
In the example above, the price is coming to the corner of the wedge and, most probably, a breakout is going to happen very soon.
In the second example, the price has just broken the lower wedge trendline. It will drop further very likely.
These are available settings.
How to set up the Wedge Pattern indicator in MetaTrader (MT4)?
Download the Wedge Pattern.rar archive at the bottom of this post, unpack it, then copy and paste the Wedge Pattern.ex4 or Wedge Pattern.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.
Summary Of That Forex Indicator
The Wedge Pattern 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.
Download Free MT4 Wedge Pattern Indicator
To download the Wedge Pattern Indicator for Metatrader 4 (MT4) for free just click the button below:
Wedge Pattern Indicator Free Download