The WSO WRF MTF indicator MT4 plots an oscillator based on Widner’s resistance and support values. The indicator can also plot values for multiple time frames. Therefore, Forex traders can use the oscillator’s support or resistance values to buy and sell. Oscillator values can also help traders identify closing prices relative to support and resistance levels.
This indicator is suitable for both novice and experienced Forex traders. The indicator is easy for new traders to recognize. Advanced forex traders are able to combine values from multiple time frames to create advanced trading strategies. The indicator can be used on intraday, daily, weekly and monthly charts.
WSO WRF MTF indicator for MT4 trading signals
The indicator shows support lines in green and resistance lines in red. The indicator is also located in an indicator window.
The green support line will cross the lower level of the indicator if it touches it. This indicates that the price has exceeded all support levels and will reverse. Forex traders should wait for the indicator to reverse from its lower levels before confirming it. When the oscillator turns red, it indicates that the bullish price is starting to reverse. Forex traders can trade using buy orders with stops below the swing lows. However, it is better to take profits with a high risk-reward ratio.
The red oscillator line will touch the upper level of the indicator. This indicates that the price has exceeded all resistance levels. The price may reverse and go lower. A Forex trader may place a sell order. Before placing a sell order, forex traders need to wait for the red oscillator to reverse before doing so. The highest stop loss is at the top of the oscillator high. Profit taking should be at the best risk to reward ratio.
You can select View multiple time frame values for this indicator from the drop-down menu (mtf) This indicator displays the values of all MetaTrader chart time frames. Thus, technical traders can use the support or resistance levels of the longer time frames to determine the best time to enter.
The WSO WRF MTF indicator is very helpful for traders who focus on support and resistance levels to buy or sell. The indicator is an oscillator that provides information about support and resistance levels at the current closing price.