The WPR Overbought & Oversold Arrow Signals indicator for Metatrader 4 is solely based on the Williams’ Percent Range technical indicator.
The indicator appears as green and red colored signal arrows.
A green colored arrow indicates oversold market conditions while a red colored arrow indicates overbought market conditions.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Identifies overbought and oversold levels
- Newbie friendly
- Works on all time frames.
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as an oversold/overbought technical tool.
Indicator Example Chart
The EUR/GBP 1-hour chart below shows the WPR Overbought & Oversold Arrow Signals Forex indicator in action.
Basic Trading Signals
- A buy signal occurs when the green colored arrow (oversold) gets printed on the chart and the underlying trend is upward.
- Set stop loss below key support.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
- A sell signal occurs when the red colored arrow (overbought) gets printed on the chart and the underlying trend is downward.
- Set stop loss above key resistance.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download This Forex Indicator
Adjustable Parameters & Settings
WPR period, buy level, sell level, alerts, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: overbought/oversold
How to install the WPR indicator in Metatrader 4?
- Copy and paste the WPR OverBought OverSold Arrow Signals.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button