The wedge indicator for Metatrader 4 identifies both rising and falling wedge patterns for any currency pair on any time frame.
Wedge patterns are considered to be reversal patterns.
In other words, the price is likely to reverse in the opposite direction of the falling or rising trend if the price breaks through the wedge pattern.
Trading Signals
Buy signal:
Identify a falling wedge pattern (bullish – see image below). Buy a price break through the falling resistance line.
Sell signal:
Identify a rising wedge pattern (bearish). Sell a price break through the rising support line.
Indicator Preferences
Currency pairs: Any
Preferred Time frames: Any
Sessions: Any
Download
Download the wedges.mq4 indicator.
Configurable Indicator Options
Calculation period, wedge line mode, high low bands deviations
EUR/USD H1 Chart Example
How to install the Wedge Pattern custom indicator in Metatrader 4?
- Download the wedges.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.