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Wolfe Wave Expert Advisor

This project received 1 bids from talented freelancers with an average bid price of $70 USD.

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Project Description

Wolfe Wave is a naturally occurring, harmonic trading pattern and is generally seen as a reversal pattern. The pattern is made up of five waves (fives distinctive bull & bear movements within a channel which are marked as 1,2,3,4,5) showing supply and demand and the fight between supply and demand towards setting a new price. These patterns can develop over short and long-term time frames such as minutes or weeks and are used to predict where a price will break-out of its channel and where price will go after the break

Types of Wolfe Wave:-
1. Bullish Wave
2. Bearish Wave

1. Bullish Wave:-
When Points 1 and 3 (Lower Bottoms) are Formed and it is connected by a downward trend line and when there is an upward break out bar and the confirmation bar formed (i.e. one bar closes above the trend line after the price has gone below the trend line and the next bar breaks the high of the breakout bar), we open a buy trade.
The stop loss is going to be the lowest point (Point 5) of the break out candle and the target is going to be point 4.
Important Points to Note:-
1. Point 3 needs to be lower than Point 1.
2. Point 4 needs to be lower than Pont 2.
3. The confirmation bar has to be the next candle after the break out candle, just incase there is no confirmation bar then the system needs to ignore that particular trend.
4. The trade should only be opened if the profit: loss ratio is 1:1.

2. Bearish Wave:-
When Points 1 and 3 (Higher Tops) are Formed and it is connected by an upward trend line and when there is a lower break out bar and the confirmation bar formed (i.e. one bar closes below the trend line after the price has gone above the trend line and the next bar breaks the low of the breakout candle), we open a sell trade.
The stop loss is going to be the highest point (Point 5) of the break out candle and the target is going to be point 4.
Important Points to Note:-
1. Point 3 needs to be higher than Point 1
2. Point 4 needs to be higher than Point 2
3. The confirmation bar has to be the next candle after the break out candle, just incase there is no confirmation bar then the system needs to ignore that particular trend.
4. The trade should only be opened if the profit: loss ration is 1:1

Other Features of the Expert Advisor

1. Money Management System to be based on stop loss.
2. Trailing stop Loss should be of two types:-
2.1 Auto Trailing Stop Loss
The trailing should become active once the trade has come to a break even point + ‘x’ pips.
For e.g. :- if the stop loss = 10 pips, then when the trade moves 10 pips + ‘5’ pips in my direction then the stop loss should be shifted to a positive 10 pips and then from here onwards it should be ‘5’ pips.

2.2 Manual Trailing Stop Loss
The normal feature available in Meta trader.

3. Take Profit / Stop Loss and Lot Size to be user defined.

I am attaching two screenshots which will give you a clear cut picture of how the bullish and bearish trades are to be opened.
I am attaching an indicator which automatically draws the trend lines.

The milestone will be released within 5 days of back testing.

For any further clarifications please feel free to contact me.

Any bid's over the budget will be ignored.

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