Introduction

Ever been stuck staring at your chart, wondering if that weird slanting channel is gonna break up or down? Wedge patterns are notorious for hiding in plain sight… and when they finally break, you don’t wanna be caught off-guard. That’s where the Wedges Pattern Finder Indicator MT4 comes in. Instead of manually drawing trendlines and second-guessing whether it’s a rising wedge or a falling wedge, let this tool do the heavy lifting. This baby scans for both rising wedges and falling wedges in real time, then sends you alerts when price’s about to bust out. No more guesswork, no more missed moves. Whether you’re a scalper on M5 or a swing trader on H4, this indicator helps you jump into high-probability wedge breakouts with confidence—coz life’s too short to redraw lines all day, right?

Overview

The Wedges Pattern Finder Indicator is designed to automatically detect classic wedge formations—rising wedges (bearish reversal) and falling wedges (bullish reversal)—across multiple timeframes. Developed by a small team of dedicated coders under the YoForex umbrella, this MT4 indicator leverages price action and trendline-fitting algorithms to pinpoint wedge patterns as soon as they form. It’s fully back-tested on major currency pairs (EURUSD, GBPUSD, USDJPY, and more), so you know its alerts aren’t just smoke and mirrors.

  • Primary Purpose: Identify and highlight wedge patterns on your chart.
  • Target Audience: Swing traders, day traders, scalpers, and technical analysts who rely on chart patterns.
  • Compatibility: MT4 on Windows, macOS (via Wine), and most VPS setups—no DLLs required.
  • Verification: Verified in live market conditions by YoForex’s beta group over a six-month period, with consistent accuracy above 70% for detected breakouts.

You’ll see two slanting lines forming a wedge zone on your chart—green for falling (bullish) wedges, red for rising (bearish) wedges. When price finally closes beyond the wedge boundary, the indicator triggers an alert (popup, email, or push). It also optionally plots a projection zone where price might travel next, giving you targets for TP/SL placement.

Key Features

  • Scans for both rising and falling wedges every tick.
  • Avoids manual trendline mistakes; you don’t have to guess which swing points to connect.
  • Works seamlessly on M1, M5, M15, M30, H1, H4, D1, and W1.
  • Ideal for scalpers (M5/M15) and swing traders (H4/D1) alike.
  • Min. Bars to Form: Set the minimum number of bars for a valid wedge (default: 20).
  • Max. Bars to Form: Limit how wide/wide a wedge can stretch (default: 100).
  • Deviation Threshold: Controls how strictly the trendlines fit the price—lower = stricter fit, higher = looser fit.
  • Popup alert when wedge breaks.
  • Email Notifications: Get notified even if MT4 isn’t in focus.
  • Push Notifications: Delivered to your mobile device via MetaQuotes ID.
  • Automatically plots potential Take-Profit and Stop-Loss levels based on wedge height.
  • Gives measured-move targets (e.g., if wedge height is 100 pips, projection is set 100 pips from breakout).
  • Clear, colored lines:
  • Green wedge = falling wedge (bullish reversal).
  • Red wedge = rising wedge (bearish reversal).
  • Transparent fill inside each wedge for quick visual cues.
  • Compatible with MT4’s Strategy Tester (visual mode only).
  • Export detected patterns in CSV to analyze performance over historical data.
  • Turn on/off breakout projections.
  • Enable/disable specific wedges (rising or falling).
  • Toggle alerts (popup, email, push) independently.
  • Optimized MQL4 code ensures minimal CPU usage.

How It Works

  1. Swing Point Identification
    • The indicator scans recent peaks and troughs within a specified bar range.
    • Identifies at least two higher lows (for rising wedge) or two lower highs (for falling wedge).
  2. Trendline Fitting
    • Connects the swing points with best-fit trendlines using least-squares approximation (kinda fancy, I know).
    • Ensures both upper and lower lines converge (i.e., they must form a narrowing pattern).
  3. Wedge Validation
    • Checks that the angle between lines is within acceptable bounds (e.g., 5°–35°).
    • Verifies that price touches both trendlines at least twice—no random lines.
  4. Breakout Detection
    • Once wedge is formed, the indicator monitors price on each tick.
    • When Close price breaks above a falling wedge’s upper line (bullish) or below a rising wedge’s lower line (bearish), it flags a breakout.
  5. Notification & Projection
    • On breakout, you’ll see an alert:
  6. Popup: “Wedge Breakout Detected: Bearish on EURUSD, H1”
  7. Email/Push: Includes symbol, timeframe, breakout direction, and suggested TP/SL.
    • The projection zone is drawn automatically based on wedge height (vertical distance between first high and first low).
  8. Zone Expiration
    • After a breakout, the wedge zone persists for a configurable number of bars (default: 10 bars) before fading.
    • This helps avoid clutter if multiple wedges form in succession.

Backtest Results & Proof

Although chart-pattern indicators can’t be backtested in MT4’s Strategy Tester in the traditional sense (no auto-entry), we ran a manual review on EURUSD (H4) from January 1, 2024 to June 1, 2024. Here’s a summary:

  • Sample Size: 45 wedges identified (25 rising wedges, 20 falling wedges).
  • Breakouts Tracked: 40 out of 45 generated valid breakout signals (89% detection).
  • Win Rate (Manual Entry): 68% (take-profit = wedge height, stop-loss = 50% of wedge height).
  • Average Reward-to-Risk (RR): 1.6
  • Hypothetical Profit: +15% on a $10,000 demo account (risking 1% per trade).

Installation & Configuration

  1. Download the Indicator
    • Visit the official download page:
    https://mql5.software/get/wedges-pattern-finder-indicator
  2. Copy to MT4 Folder
    • Open your MT4 terminal.
    • Navigate to File → Open Data Folder → MQL4 → Indicators.
    • Paste the downloaded .ex4 (or .mq4) file into this folder.
  3. Restart MetaTrader
    • Close MT4 and reopen it so the new indicator populates in your Navigator under Indicators.
  4. Attach to Chart
    • In the Navigator pane, expand Indicators → YoForex → Wedges Pattern Finder.
    • Drag the indicator onto any chart (EURUSD H1 shown, but works on all pairs).
  5. Recommended Settings
    • Min. Bars to Form: 20
    • Max. Bars to Form: 80
    • Deviation Threshold: 15 (adjust to make pattern detection tighter or looser)
    • Projection Enabled: True (plots TP/SL zones)
    • Alert on Breakout: Popup + Email + Push
    • Bars to Keep Zone Visible: 10

Why Choose YoForex-Powered Tools?

You might ask, “Why not just draw trendlines myself?” Well, sure, you could, but wedge patterns can be subtle and subjective. Here’s why YoForex-powered indicators stand out:

  • Our algorithm is trained on thousands of historical wedges, ensuring high detection rates.
  • No more “eyeballing” errors—this indicator applies strict criteria to avoid false patterns.
  • Once downloaded, you’ll get all future upgrades at no cost.
  • We continuously refine the code based on trader feedback; you won’t miss out on new features.
  • Optimized MQL4 code means minimal CPU usage.
  • Run this alongside your favorite EAs (e.g., Galaxy Gold Scalper V3.0) without slowdown.
  • YoForex’s Telegram group (link below) is full of traders sharing setups, screenshots, and live signals.
  • Join a supportive community that’s always experimenting with new ideas.
  • Verified on both demo and live accounts—no smoke-and-mirrors here.
  • Frequent code audits to ensure no bugs slip through (unlike random freebies that get abandoned).

Support & Contact

Ran into a weird glitch? Need help tweaking settings? We’ve got your back:

  • WhatsApp Support: Chat Now for real-time troubleshooting.
  • Telegram Group: Join our community at https://t.me/yoforexrobot to discuss wedge setups, share charts, and get tips from fellow traders.

Disclaimer: Past performance doesn’t guarantee future results. The Wedges Pattern Finder Indicator MT4 only provides signals based on historical price-action patterns. Always use proper risk management, backtest on a demo account first, and never risk more than you can afford to lose. Market conditions can change without warning, so stay vigilant.

Call to Action

Ready to stop guessing and start trading wedge breakouts like a pro? Download the Wedges Pattern Finder Indicator MT4 now—it’s totally free on MQL5.software. Gain the edge of automatic wedge detection, precise breakout alerts, and projection zones. Don’t miss another high-probability setup—get your copy today and trade smarter!