Wedges Indicator (Source Code) MQ4

Wedges Indicator (Source Code) MQ4: A Comprehensive Guide

Introduction

The Wedges Indicator (Source Code) MQ4 is a powerful tool for MetaTrader 4 (MT4) traders. It helps identify wedge patterns on price charts, allowing you to make informed trading decisions. In this article, we’ll cover everything you need to know about this indicator, including its features, strategy, and how to use it effectively.

Key Details

• Indicator Name: Wedges Indicator (Source Code) MQ4
• Platform: MetaTrader 4 (MT4)
• Author: fxborg

Features

1. Wedge Pattern Detection:
   • The indicator identifies wedge patterns using the ATR (Average True Range) and a 3-period Linear Weighted Moving Average (LWMA).
   • It plots the following lines on the chart:
     • Sea Green lines: Represent the wedge pattern.
     • Yellow line: Represents the trend line.
     • Gray dot line: Indicates standard deviations from the trend line.
2. Customizable Settings:
   • Change the timeframe directly on the chart.
   • Zoom in to focus on specific price movements.

Strategy

The Wedges Indicator (Source Code) MQ4 follows a trend-based strategy. Here’s how it works:

1. Pattern Recognition:
   • The indicator scans the price chart for wedge patterns.
   • Rising Wedge: Identified when price moves upward, forming converging trend lines.
   • Falling Wedge: Identified when price dips, forming converging trend lines.
2. Entry and Exit Points:
   • Entry:
     • Look for a confirmed wedge pattern (breakout or reversal).
     • Consider entering a trade in the direction of the breakout (bullish or bearish).
   • Exit:
     • Exit the trade when the price reaches a predetermined target or when the wedge pattern is invalidated.
3. Risk Management:
   • Set a stop loss and take profit based on your risk tolerance.
   • Avoid trading during major news events or volatile market conditions.

Recommended Parameters

• Minimum Deposit: $500
• Timeframe: M1 or M5
• Currency Pairs: Any currency pair other than XAUUSD (Gold)

Trading Style

• The Wedges Indicator (Source Code) MQ4 is not a martingale or hedging system.
• It follows a scalping strategy, aiming for quick profits from short-term price movements.

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