Hello fellow traders,

I wanted to share a custom indicator I've been developing called "Wave Rider EVO." This is an advanced MT5 indicator that combines adaptive trend following with pullback detection to identify potential trading opportunities.

What It Does

Wave Rider EVO is designed to identify both trend-following and counter-trend opportunities through a combination of adaptive statistical measures. It provides:

• Trend direction identification using an Adaptive Gaussian Moving Average
• Pullback detection through a WaveTrend oscillator with Z-Score normalization
  Visual entry signals with automatically calculated stop loss and take profit levels
• A comprehensive dashboard displaying real-time trading statistics and signal information

Core Components

Adaptive Gaussian Moving Average

The foundation of the indicator is an adaptive Gaussian MA that automatically adjusts its sensitivity based on market volatility. Unlike standard moving averages, it:

• Applies Gaussian (normal distribution) weighting to price data
• Adapts its standard deviation (sigma) based on current volatility
• Creates a more responsive yet smooth price action filter

WaveTrend Z-Score Analysis

To identify potential pullbacks within a trend, the indicator:

• Calculates a WaveTrend oscillator (similar to a normalized price deviation from an EMA)
• Applies Z-Score normalization to identify statistically significant deviations
• Triggers pullback signals when the Z-Score crosses specific thresholds (the small dots on the chart)

Signal Generation with Risk Management

The indicator generates two distinct types of signals:

• Trend Signals: Standard trend-following entries when the price action confirms a new trend
• Pullback Signals: Counter-trend opportunities when the WaveTrend Z-Score shows extreme readings during an established trend

For each signal, the indicator automatically calculates and displays:

• Stop Loss levels (based on ATR volatility)
• Take Profit targets
• Risk-to-Reward ratio

Visual Dashboard

One feature I'm particularly proud of is the comprehensive dashboard that displays:

• Current trend direction and strength
• Trend duration in bars
• WaveTrend Z-Score value with visual meter
• Latest signal details
• Stop loss and take profit levels
• Risk-to-reward ratio

This gives you a quick overview of the current market conditions without scrolling through charts or indicators.

The indicator is highly customizable - you can adjust the Gaussian MA length, Z-Score thresholds, and risk parameters to match your trading style.

Would appreciate any feedback, especially from those who try it out!

AlgoAlex