The iWPR+ Forex Oscillator for Metatrader 4 is an overbought/oversold technical oscillator that works great to enter and exit currency trades with great precision.
The indicator uses the 20 oversold and 80 overbought extreme values.
- The currency pair is considered oversold when it reaches the 20 iWPR+ extreme value.
- The currency pair is considered overbought when it reached the 80 iWPR+ extreme value.
It’s recommended to combine the iWPR+ oscillator with other technical indicators or price action techniques.
In trending markets, only trade signals from the iWPR+ oscillator in the overall market direction.
Uptrend? Only trade the oversold iWPR+ extreme values. Avoid the overbought extreme values.
Downtrend? Only trade the overbought iWPR+ extreme values. Avoid the oversold extreme values.
The GBP/JPY M30 chart below displays the iWPR+ Forex Oscillator Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the iWPR+ Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade order when the iWPR+ value crosses the 20 oversold level upwards and the overall trend direction is up.
Place a stop loss 2-3 pips below the most recent support or apply your own stop loss method.
Sell Signal: Initiate a sell trade order when the iWPR+ value crosses the 80 overbought level downwards and the overall trend direction is down.
Place a stop loss 2-3 pips above the most recent resistance level or apply your own stop loss method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (iWPR+ period) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the iWPR+.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)