Wedge Pattern Indicator Download in MetaTrader 5 - Free | Forex Indicator Download - MT4/MT5 Resource

The Wedge Pattern indicator is one of the classic chart indicators in the MetaTrader 5 (MT5) platform. This indicator is a useful tool for identifying price action style and is very practical and useful for traders who wish to detect these patterns on price charts.

Wedge pattern indicator table

The general specifications of wedge shape indicators are listed in the following table:

Wedge Pattern Indicators at a Glance

The Wedge Pattern indicator uses zigzag lines to identify this pattern on the chart and display it to traders. This is one of the classic patterns , divided into two categories: continuation and reversal patterns.

Uptrend

On the 1-hour chart of USD/JPY, the wedge pattern indicator has identified an uptrend pattern .

After experiencing a downtrend, a wedge pattern is formed, and after breaking through the upper boundary of the pattern, it enters the uptrend .

Downtrend

In the 5-minute chart of USD/CHF , the indicator has identified the wedge pattern by drawing zigzag lines and displaying them on the chart.

Traders can use this pattern on a break at the bottom of the pattern.

Wedge Pattern Indicator Settings

Set to Wedge Pattern are as follows:

Zigzag line properties

• Show jagged lines: option to toggle the visibility of jagged lines
• Pivot Period of ZigZag Lines: Options for setting the period of ZigZag Lines
• Zig Zag Line Style: Option to select zigzag line style
• Zig Zag Line Color: Option to select zigzag line color
• Zig Zag Line Width: Option to adjust the width of the zigzag line

Wedge Pattern Properties

• Show wedge pattern: option to toggle visibility of wedge pattern
• Wedge Pattern Color: Option to select wedge pattern color

Conclusion

The Wedge Pattern Indicator is one of the MetaTrader 5 Indicator Technical Analysis It identifies the wedge pattern by detecting the price trend during the consolidation phase and displays it to traders by drawing a blue zigzag line.