The indicator Wolfe Waves Autolines Prediction ULTRA V2 shows the known Wolfe Wave patterns. The rules of the known Wolfe Waves come from www.wolfewave.com.
In order to be able to use this indicator after purchase, a non-blocked user account on TradingView* is required. Within 24 hours after payment the indicator will be activated for the ordered period. Please enter in the order process your TradingView username.
The indikator Wolfe Waves Autolines Prediction ULTRA V2 in action:
The three lines above the bearish Wolfe Wave show Fibonacci extensions, where the rebound in the opposite direction usually occurs:
- yellow: 1.272
- red: 1.382
- green: 1.618
When drawing the pattern, sometimes the problem arises that too many lines are drawn. The reason for this is the Tradingview platform itself. To prevent the TradingView server from collapsing, a maximum of 50-55 lines/labels per indicator are allowed.
To work around this problem, the indicator offers two options in the settings. The settings of the indicator can be opened in the upper left corner behind the indicator name:
After opening the settings, the following screen appears:
- Tolerance Of Imprecisely In %: On perfect wolf waves, points 1-2 and 3-4 are synchronous. However, such perfect Wolves Waves are quite rare to find on the chart. Therefore, you can use this number to determine the maximum extent to the differences between the rules and reality may go. At the lower picture you can see the angles of line 1 to 2 and line 3 to 4. These angles are divide against each other. Based on the example (-67° : -64° = 1.04…) the “Tolerance Of Imprecisely” is 4%. The example gives you a rough idea of how high you should set this number. But everyone has to make his own experiences with this setting. We recommend a setting between 20 and 40. The higher this number is, the more possible Wolves Waves are drawn in. However, with too high number the probability of false wolf waves increases.
- Show All Details: This adds all additional lines and labels to the essential patterns. But beware, on TradingView a maximum of 50-55 lines / labels per indicator are allowed. If you want the additional lines to be displayed, you should not zoom the chart backwards. This prevents loading other lines/labels from the past and allows full concentration on the current Wolfe Wave pattern.
- Only Big Waves: This option allows you to focus only on the large waves when you get an error message from too many drawn lines and labels. To analyze smaller Wolves Waves, you can open the chart in smaller time units.