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Merrill's Five Pattern Indicator for MT4/MT5
Info
The Merrill's Five Pattern Indicator for MT4/MT5 is a Indicator for MetaTrader 5 that this technical indicator displays m and w wave patterns as classified by a. Merrill, along with support and resistance levels plotted at the indicator's extreme points.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Merrill's Five Pattern Indicator for MT4/MT5
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This technical indicator displays M and W wave patterns as classified by A.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: consensus of five - another powerful indicator for MetaTrader 5 traders.
This technical indicator displays M and W wave patterns as classified by A. Merrill, along with support and resistance levels plotted at the indicator's extreme points. A. Merrill categorized patterns based on the sequence of points from top to bottom, establishing a systematic model for M and W waves.Also recommended: Mirror Bands Indicator - similar indicator with strong performance on MetaTrader 5.
The Dynamic Pattern by A. Merrill
This pattern is subject to change over time and is observed within the first four rightward zigzag rays. In this indicator, all patterns are treated as dynamic.
To accommodate this, the concept of 'Mutation of Waves' has been introduced, and the algorithm of the classic zigzag indicator has been slightly modified.
The core extreme search algorithm, based on the zigzag concept, is a rapid, temporary solution and requires refinement. Most errors are associated with the 'no pattern' detection, indicating a flaw in the search engine.
Evolution and Mutation of Waves
Evolution
- A change in the dynamic pattern that remains within the same wave family.
Evolution of M-wave patterns:
Evolution of W-wave patterns:
Mutation
- A change in the dynamic pattern that results in its classification within a different wave family.
Mutation of M-wave patterns:
Mutation of W-wave patterns:
Note: The prediction algorithm assumes that a mutation leads to the most recent shape within an evolutionary sequence. The evolution/mutation counter accounts for potential non-sequential mutations or evolutions, such as a mutation occurring in the middle or senior shape. This is managed by specific settings in the bitmask enum 'namepattern'. If you intend to use the evolution/mutation counter, do not modify 'namepattern'.
Indicator Operation
This indicator visualizes Merrill's M and W wave patterns and support/resistance levels on the chart. It recalculates on each new history bar to optimize CPU usage. All object names are pseudo-random. The indicator predicts price movements based on expected sequential evolution/mutation of waves.
The indicator includes a pattern model efficiency counter.
Search Engine: Classic Zigzag
Prediction Model: Level 0 (Sequential Evolution/Mutation)
Model Counter: Level 0 (Algorithm: 'I count only what I see, I don't know what was before...'. Statistics are displayed after the 11th shape appears.)
Updated for 2026.
You may also like: iBBands HTF - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "2.01"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools".......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.