Extra WPR for MT4 is a simplified version of William’s Percentage Range indicator. The oversold or overbought conditions in William’s percentage range can be transformed into an easy-to-use indicator. Forex traders can then identify the best entry points, and purchase and sell according to them. This indicator shows two lines, and their intersection indicates that the indicator is bullish or bearish in forex trading signals.
This indicator is compatible with all intraday price charts, daily, weekly, as well as monthly charts. Forex traders can use the indicator to implement scalping, intraday and short-term trading strategies. The indicator’s trading signals are easy to understand. The indicator is easy to understand and can be used by both novice and experienced forex traders. Crossover signals can be traded by new traders, but advanced forex traders can use the signals to build complex trading strategies. The indicator is free to download and easy-to-install.
Extra WPR Indicator For MT4 Trade Setup
A bearish market situation is indicated when the Red line crosses the Gold line. Forex traders should take a sell position and set a stop loss at the swing high. The indicator doesn’t provide a target for profit booking. Forex technical traders should exit the forex market with a high risk to reward ratio, or at an opposing trading signal.
Similar to the bullish market, the red line is crossed upwards by the gold line. Traders should expect an upward price movement and place buy orders. To secure the position, a stop loss lower than the swing low is sufficient. However, traders should book profits at a high risk-reward ratio or with an opposing trading signal.
Traders should not overlook the simplicity of this indicator. For best results in trading, traders should confirm crossover signals with price action.
Forex traders can use the indicator to perform a top-down technical analysis since it works in all time frames. A higher time frame chart shows the main market direction. While a lower chart gives precise entry points, a price trend is more likely to be identified.
William’s indicator is the basis of the Extra WPR indicator for MT4. Although the indicator is easy to understand, it provides a unique view of the forex market. Keep in mind, however, that William’s percentage range indicator primarily detects overbought or oversold conditions. Forex traders should therefore trade signals from the Extra WPR indicator together with other technical indicators.