Result Wave Recon

Result Wave Recon Indicator Description

Overview

The Result Wave Recon indicator for MetaTrader 5 (MT5) is a sophisticated technical analysis tool designed to visualize accumulated price movements in the form of waves, combined with volume peak analysis. It offers customizable visual themes to suit various trading styles and preferences, making it a versatile addition to any trader's toolkit. The indicator plots bullish and bearish waves as histograms in a separate window, with volume peaks highlighted to identify significant market movements.

Key Features

Wave Detection: Identifies bullish and bearish price waves based on pivot points and price change sensitivity, providing a clear view of market trends.

Volume Peaks: Highlights the two highest volume bars within each wave, scaled by a user-defined factor, to emphasize key market activity points.

Customizable Themes: Offers six distinct visual themes (Classic, NightVision, OceanBreeze, FireAndIce, MidnightBlue, and Stealth) with unique color schemes for bullish and bearish waves.

Color Gradient: Supports dynamic color gradients based on cumulative volume thresholds, enhancing visual differentiation of wave intensity (optional).

Performance Optimization: Includes an option to limit the number of bars calculated, improving performance on large datasets.

Flexible Parameters: Allows customization of pivot lookback, wave sensitivity, volume scaling, bar widths, and more.

Input Parameters

Pivot Lookback (Bars to Detect Highs/Lows): Number of bars to consider for detecting pivot highs and lows (default: 8).

Wave Sensitivity (Price Change Filter): Minimum price change required to trigger a wave reversal (default: 0.0009).

Volume Scale Factor for Peaks: Scales the height of volume peak bars (default: 1.0).

Wave Bar Width: Width of wave histogram bars (default: 2).

Peak Bar Width: Width of volume peak bars (default: 3).

Enable Color Gradient: Toggles volume-based color gradients for waves (default: true).

Volume Low Threshold: Volume threshold for light color in gradients (default: 5000).

Volume Medium Threshold: Volume threshold for medium color in gradients (default: 10000).

Color Theme: Selects the visual theme (default: Classic). Options:

Classic: Green/Red gradient

NightVision: Dark green/gray-red gradient

OceanBreeze: Blue/Orange gradient

FireAndIce: Red/Blue gradient

MidnightBlue: Grayish-blue tones with red volume peaks

Stealth: Light gray/dark gray with green volume peaks

Enable Calculation Limit: Limits the number of bars processed for performance (default: true).

Max Bars to Calculate: Maximum number of bars to calculate when the limit is enabled (default: 1500).

Visual Elements

Bullish and Bearish Waves: Displayed as histograms in a separate window, with distinct colors for each theme. Each theme has dedicated buffers for bullish and bearish waves, with optional color gradients based on volume.

Volume Peaks: Plotted as histograms to highlight the two highest volume bars within each wave. Peak color varies by theme (yellow for most themes, red for MidnightBlue, green for Stealth).

Themed Visuals:

Classic: Light green to dark green for bullish waves, light coral to dark red for bearish waves.

NightVision: Dark green shades for bullish waves, gray-red shades for bearish waves.

OceanBreeze: Light blue to navy for bullish waves, light salmon to dark orange for bearish waves.

FireAndIce: Light blue to navy for bullish waves, light salmon to dark red for bearish waves.

MidnightBlue: Grayish-blue tones for bullish waves, red tones for bearish waves, with red volume peaks.

Stealth: White to gray for bullish waves, dark gray shades for bearish waves, with green volume peaks.

How It Works

Wave Detection: The indicator identifies pivot highs and lows using the specified lookback period. A wave is considered bullish or bearish based on price direction and sensitivity thresholds.

Wave Plotting: Accumulated price movement (in points) is plotted as a histogram for each wave, with separate buffers for bullish and bearish waves per theme.

Volume Analysis: The indicator tracks cumulative volume within each wave and highlights the two bars with the highest volume as peaks, scaled by the volume scale factor.

Color Management: Colors are dynamically assigned based on the selected theme and volume thresholds (if gradient is enabled). Fixed colors are used when the gradient is disabled.

Performance Control: The calculation can be limited to a user-defined number of bars to optimize performance on large charts.

Usage

Apply to Chart: Add the indicator to any MT5 chart. It appears in a separate window below the main price chart.

Customize Settings: Adjust input parameters to match your trading style, such as changing the theme, sensitivity, or volume thresholds.

Interpret Waves: Use bullish and bearish waves to identify trend direction and strength. Volume peaks indicate significant market activity, potentially signaling reversals or continuations.

Switch Themes: Experiment with different themes to find the most visually comfortable option for your trading environment.

Notes

The indicator uses tick volume for volume calculations, as real volume data may not be available for all symbols in MT5.

Ensure the chart has sufficient historical data for accurate pivot detection, especially with larger lookback values.

For optimal performance, enable the calculation limit on charts with extensive historical data.

Author

Jean Roso

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Copyright: © 2025 Jean Roso. All rights reserved.