Ever since reading Linda Raschke's chapter on the Wolfe Waves, in her book
Street Smarts, I have been intrigued by this methodology.
I notice that Bill Wolfe sells his teaching course on his concept for $3K, a somewhat pricey amount. I was wondering if anyone here has taken the course and traded this method, or can comment on it otherwise.
Thanks in advance for your comments.
The above URL was the basis of an indicator that I designed to detect and display WolfeWaves. This was first posted to this list quite a while ago so many of you may have the application.
The .ela and the source code (text) are attached.
An .gif shows one application of this indicator.
I hope that you will apply this indicator to many symbols of many time intervals and judge for yourself it's suitability. Please check the URL for further discussion.
I have not as yet attempted to construct a strategy out of the indicator but it would be easy since most of the line drawing is done with trendlines.
Just for your info:
That LastBaronchart function in that .ela ruined lots of my studies since it overwrote the original TS function.
I had to import the original to correct my problem since I care less about the original function being incorrect than having problems with my studies at this time.
Regarding Wolfe, I played with it for some time when it was mention here by Mike Suesserrot (?) (sorry about that, Mike) and concluded that it works sometimes and enough often it doesn't to forget it, but I haven't considered looking at higher time frames to see if it is OK there, so I'll take another look.
Here's a Metastock code:
Wolfe Wave Patern
eki1:=If(tb<=4 AND p1 > pa AND pb < p2 AND p1 < p4 AND
p1 > p3 AND p3 > p5 AND p4 < p2,1,0);
If(eki1 AND eki2 <= .2 ,2,0);