MT5 Wave Point Indicator – Free Download [TradingFinder] | Forex Indicator Download – MetaTrader 5 Resources

The Wave Points indicator in the MetaTrader 5 platform displays colored points directly on the price chart thanks to its internal algorithm.
These points form around market highs and lows as trend reversal signals, as shown below:

• Green Dot: Forms at the bottom of the chart, indicating oversold conditions and the possibility of a bullish move;
• Red Dot: Located at the top of the chart, it shows overbought conditions and the possibility of price decline.

Wave point indicator table

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

Wave point indicator at a glance

The Wave Points indicator in MetaTrader 5 is designed as an advanced technical analysis tool whose main goal is to accurately identify market reversal areas.
This indicator uses an internal calculation algorithm to plot colored dots on the price chart, allowing traders to detect momentum shifts as well as overbought and oversold conditions .

Indicators are in an upward trend

The chart below shows the Global Gold Index (XAU/USD) on the 1-minute time frame.
When a green dot appears below the candle, the market enters the oversold stage. This scenario indicates weakening selling pressure and a higher likelihood of a bullish reversal, providing favorable conditions for entering a buy trade.

Indicators are in a downward trend

The chart below shows the Swiss Franc to Japanese Yen exchange rate over a 30-minute period.
When the Wave Points indicator shows red dots above the candle, the market enters overbought territory, indicating waning bullish momentum. This situation can be seen as a warning of the end of the bullish phase and the beginning of a correction or bearish move.

Wave point indicator settings

The image below shows the settings panel of the Wave Point indicator in the MetaTrader 5 platform:

• 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

Wave point indicator technical analysis serves as a specialized tool for identifying market reversal points.
By plotting green dots in oversold areas and red dots in overbought areas, this indicator highlights potential trend reversal opportunities.