WPR stands for Williams Percent Range and in this context, the WPR candles Metatrader 5 Forex indicator is a variant of a well-known Williams Percent Range technical indicator.
The indicator calculates a type of four Williams Percent Range values:
- Williams Percent Range of Open.
- Williams Percent Range of Close.
- Williams Percent Range of High.
- Williams Percent Range of Low.
It is the above mentioned four values that get transformed into ‘candles’.
The formula does not take into account the original Williams percent Range calculation.
The WPR candles MT5 forex indicator has its formula adjusted to be able to calculate these four values.
This makes available two noteworthy levels.
There is the zero level, which is not similar to the original WPR, and can be intersected upwards in this variant.
The minus one hundred level (-100), which is nothing like the original WPR, but can be intersected downwards in this variant.
The GBP/USD H1 chart below displays the WPR candles Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the dodger blue candle of the WPR candles MT5 indicator break above the -100 level.
Sell Signal: Go short when the crimson candle of the WPR candles Metatrader 5 custom forex indicator break below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dodger blue candle of the WPR candles MT5 indicator close above the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a crimson candle of the WPR candles Metatrader 5 forex indicator close below the -100 level.
Tip: Overbought and oversold conditions can be assessed by observing the zero and -100 levels respectively.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (WPR period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the WPR candles.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)