Wave Rider - or about pullback trading

AlgoAlex811 wrote: Wed Jun 24, 2026 7:00 pm WAVE RIDER v6.5 — Update

Thanks for this great indicator.
Are you able to add a show/hide button ? When "Color Bars Based On Trend" is set to false it turns all candle colors to gray, can this be replaced by default candle colors ?
Thank you..

AlgoAlex811 wrote: Wed Jun 24, 2026 7:00 pm ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
WAVE RIDER v6.5 — Update
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Hi AlgoAlex81,

Thanks for your indicator.

Sorry if I am wrong, is there alert when "diamond" signal arrives?

Fix added:
- no more gray candles
- dashboard now doesn't goes on zero values after several live candles

AlgoAlex811 wrote: Tue Jun 30, 2026 5:37 am Fix added:
- no more gray candles
- dashboard now doesn't goes on zero values after several live candles

Alex, that you for sharing your indicator. Can i ask you about the stats in the dashboard, It seams to only calculate, max the last 50 trades ca, event thought much more signals are shown on the chart. Is there a reason for only calculating that amount instead of all of them? Also, are the profit factor and average r also only for those trades or all of the shown entries and exits, past the 50 or so trades?

Abdi wrote: Tue Jun 30, 2026 5:57 am Alex, that you for sharing your indicator. Can i ask you about the stats in the dashboard, It seams to only calculate, max the last 50 trades ca, event thought much more signals are shown on the chart. Is there a reason for only calculating that amount instead of all of them? Also, are the profit factor and average r also only for those trades or all of the shown entries and exits, past the 50 or so trades?

It calculates max 200 trades if you put it in the MaxSignalHistory input. The Pf and AvgR are for those history only, but they're just a hint, not a real calculation. Indicators cannot differentiate between SL or TP touching price first. At least none in a way I'm aware of.

AlgoAlex811 wrote: Wed Jul 01, 2026 12:06 am It calculates max 200 trades if you put it in the MaxSignalHistory input. The Pf and AvgR are for those history only, but they're just a hint, not a real calculation. Indicators cannot differentiate between SL or TP touching price first. At least none in a way I'm aware of.

This is really a good indicator, please author, there’s something important u didn’t put.....
Alerts!!! It will be great to have pop up alerts and sound when the diamond signal appears
Please, when u get some free time
Will be patiently waiting

AlgoAlex811 wrote: Wed Jun 24, 2026 7:00 pm ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
WAVE RIDER v6.5 — Update
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Hey everyone,

Great job!

Hi, I am new to this forum. I chanced upon this indicator and I like the setup and visual. Thank you.

Please be patient as I have the following noob questions:

1. Does the arrows indicate long or short entry?
2. What does the green triangle and red line extending to the right mean?
3. There is another arrow like and turning arrow. What does this indicate?
4. Can this be a made into an EA or just an indicator?

TIA.

btengkk68 wrote: Mon Jul 06, 2026 11:59 am Hi, I am new to this forum. I chanced upon this indicator and I like the setup and visual. Thank you.

Please be patient as I have the following noob questions:

1. Does the arrows indicate long or short entry?
2. What does the green triangle and red line extending to the right mean?
3. There is another arrow like and turning arrow. What does this indicate?
4. Can this be a made into an EA or just an indicator?

TIA.

Hi,
the arrows indicate a shift in baseline bias, long or short.
Green and red diamonds are the pullback signal, long and short.
The small turning arrows are pullback opposite to the baseline bias - you can consider them as early exit.
The extending lines are the Stop Loss and Take Profit based on the ATR multipliers.
It is "just" an indicator but it can be source of signals for an EA, of course.

AlgoAlex811 wrote: Mon Jun 22, 2026 1:54 am Hi, I believe MT4 is an old, slow and limited trading platform.
It should die with honor, because its time has passed.
Only on this forum I see an abnormal love for MT4 while the rest of the world (brokers, prop firms, coders) push the MT5, as it should be.
It's like coding in Visual Basic when the rest of the world is on C++. Easier, but not better.

Well, what the prop firm traders don't tell you is people operate MT4 as the copy signal either they transfer the signals through copy trading or manually replicating them on the MT5 platform. To put it plainly every person who has an MT5 has an MT4 running. Metaquotes knows this. MT4 isn't going anywhere soon you should see the mt5 market. On Forex Factory MT4 still has majority of the users and most MT5 users have MT4 check the indicator request page its always mql4. The number of EAs and indicators in MT4 dwarfs what MT5 has. Its like 200,000:1.