Extra WPR Indicator
Extra WPR indicator for MT4 provides buy and sell forex trading signals based on crossovers using Williams percentage.
Description
The Extra WPR indicator for MT4 is a smoothed-out version of the classic William’s Percentage Range indicator. As a result, the oversold and overbought conditions of William’s percentage range are transformed into a simple, actionable indicator. So, forex traders can identify the best entry points and buy and sell accordingly. The indicator provides two lines and the crossover of them indicates bullish and bearish forex trading signals.
The indicator works well in all intraday price charts and daily, weekly, and monthly charts. So, forex traders can apply the indicator for scalping, intraday, and short-term trading strategies. The trading signals of the indicator are easy to interpret. So, the indicator works well for new and advanced forex traders. New traders can trade the crossover signals, while advanced forex traders can incorporate the signals in complex trading strategies. Furthermore, the indicator is available as a free download and easy to install.
Extra WPR Indicator For MT4 Trade Setup
The above GBPUSD H1 candlestick price chart shows the Extra WPR indicator for MT4 in action. The indicator plots signal lines in gold and red in a separate indicator window.
If the Gold line crosses the red line downwards, it indicates a bearish market condition. So, forex traders should enter the market with a Sell position and place a stop loss above the previous swing high. The indicator does not provide a target to book profits. So, forex technical traders should exit the market with a good risk to reward ratio or at an opposite trading signal.
Similarly, during a bullish market condition, the gold line crosses the red line upwards. So, traders should anticipate an upward price move and place buy trades. A stop loss below the previous swing low is good enough to secure the position. On the other hand, traders shall book profits with a good risk reward ratio or at an opposite trading signal.
The simplicity of the indicator should not be overlooked by traders. However, for best trading results traders can confirm the crossover trading signals with price action.
Since the indicator works well in all time frames, forex traders can use the indicator for a top-down technical analysis. Price trend identified on a higher time frame chart tends to show the major market direction, while a lower time frame chart provides precise entry points.
Conclusion
The Extra WPR indicator for MT4 derives its values from William’s indicator. Though the indicator is simple to interpret, the indicator provides a different view of the forex market. However, traders should keep in mind that William’s percentage range indicator is an oscillator that primarily identifies overbought and oversold conditions. As a result, forex traders should trade the signals of the Extra WPR indicator in confluence with price action and other technical indicators.