MT4 Wave Point Indicator – Free Download [TradingFinder] | Forex Indicator Download – MetaTrader 4 Resources

The Wave Points indicator is designed specifically for MetaTrader 4 and uses its internal algorithm to draw colored points directly on the price chart.
These points typically occur near price highs and lows and provide trend alerts, as shown below:

• Green Dot: Located at the bottom of the chart, indicating oversold conditions and a potential bullish move;
• Red Dot: Located above the chart, indicating overbought conditions and possible price decline.

Wave point indicator table

The general specifications of the wave point indicator are shown in the table below.

Wave point indicator at a glance

The Wave Point indicator is a useful tool in MetaTrader 4 designed to simplify the identification of market reversal points.
By displaying colored dots above or below the chart, the trading tool alerts traders when price is in overbought or oversold territory, indicating a potential trend reversal.
A key feature of Wave Dots is their high visual clarity and ease of use, making them suitable for beginners and professionals alike.

Indicators are in an upward trend

The chart below shows the AUD/NZD currency pair on the 4-hour time frame. The green dot shown below the candle indicates oversold market conditions. This situation provides a favorable area to enter a buy trade.

Indicators are in a downward trend

The chart below shows the BNB cryptocurrency on a 5-minute time frame. When the indicator shows a red dot above a candle, it reflects excessive buying pressure and potential weakness in the uptrend.
This situation can often serve as a warning of the end of an uptrend and the beginning of a correction or bearish phase.

Wave Dots Settings

The image below shows the Wave Point indicator settings panel in MetaTrader 4:

• PERIOD: Time period
• SENSITIVITY: Sensitivity level
• PIVOT_LOOKUP_BARS: Check the number of candles for pivot detection
• BUY_SIGNAL_COLOR: Displays the buy signal color
• SELL_SIGNAL_COLOR: Displays the sell signal color
• ALERT: Display alert
• EMAIL: Send email
• NOTIFICATION: Mobile notification
• MESSAGE_TIMEOUT: Display message timeout
• MESSAGE_SUBJECT: Display message subject

Conclusion

The wave point indicator is a technical analysis tool specifically used to identify market reversal points. By displaying green and red dots, it highlights oversold and overbought areas .
This indicator simplifies trend identification, providing accurate entry and exit signals and visual bullish and bearish waves.