Merril Wave PRO

Merrill Wave PRO is a professional, high-precision technical analysis indicator designed for the MetaTrader 5 platform. Its advanced core engine automatically scans and identifies all 32 classical Arthur Merrill M and W pattern structures in real-time, mapping price action swings in combination with Smart Money Concepts (SMC) order block projections.

By blending traditional harmonic geometry with institutional order flow rules, Merrill Wave PRO provides clean, actionable trading zones and exact risk-reward analytics directly on your chart via a fully scalable HUD dashboard.

What is New in Version 3.00

• SMC Supply and Demand Order Blocks: Infinite horizontal support/resistance lines are replaced with dynamic rectangular order blocks. The zone height is automatically calibrated using a 14-period Average True Range (ATR) to represent high-probability market order pools.
• Premium vs. Discount Pricing (SMC Zone Filter): The engine automatically splits the pattern range. Buy signals are classified as Discount (high probability/cheap) or Premium (expensive). Sell signals are classified as Premium (high probability/expensive) or Discount (cheap), ensuring you only take trades with institutional sponsorship.
• Advanced Risk Management: Real-time calculations of volatility-adjusted Stop Loss (SL = swing high/low +/- 1.5 ATR) and exact Risk-to-Reward Ratio (RRR) based on the mathematical Evolution target projection.
• watertight Statistical Accuracy: Implemented instance-safety architecture and statistical resets on chart reloads, preventing double-counting or index crosstalk between multiple charts and timeframes.

Key Indicator Features

• Full 32 Pattern Coverage: Instantly detects and labels patterns M1 to M16 (Bearish structures) and W1 to W16 (Bullish structures).
• Futuristic HUD Dashboard: A clean, non-cluttering overlay panel showing active pattern type, market bias, projected target price, and current price zone.
• Evolution and Mutation Projections: Projects future wave targets based on Fibonacci swing ratios, displaying the distance in pips dynamically.
• Win Rate Analytics: Tracks historical accuracy and noise percentages directly on the active chart for the scanned sample size.
• High-DPI Scaling: Fully supports 4K monitors with customizable panel scale, offsets, and colors.

Recommended Trading Rules

• For BUY Setups (W-Patterns): Look for a W-pattern detection. Ensure the price zone is in DISCOUNT. Wait for a rejection wick or candlestick pattern (e.g. pin bar, engulfing) inside the green demand order block before entering.
• For SELL Setups (M-Patterns): Look for an M-pattern detection. Ensure the price zone is in PREMIUM. Wait for a rejection wick or candlestick pattern (e.g. shooting star, engulfing) inside the red supply order block before entering.
• Risk Control: Set your Stop Loss as suggested by the indicator, and use the projected Evolution level as your primary Take Profit target.

Input Parameters

• Depth: Minimum number of bars to identify a new high or low in the Zigzag swing logic.
• Deviation: Minimum price change in points to register a new vertex.
• Backstep: Minimum number of bars between high and low vertices.
• HistSize: Maximum historical bars scanned by the engine to identify patterns.
• Visual Settings: Fully customize the colors, line widths, and styles of trendlines, arrows, and rectangular order blocks.
• Dashboard Position and Scale: Adjust the X/Y coordinates and scaling factor (0.5 to 2.0) of the HUD dashboard.

Risk Disclaimer

Trading financial instruments involves significant risk and may not be suitable for all investors. Past performance of indicator statistics does not guarantee future results.