The WPR “Williams’ Percent Range” indicator for Metatrader 4 is an oscillator that identifies overbought and oversold market levels.
The indicator appears as a blue colored line in a bottom chart and oscillates between the 0 and -100 extreme levels.
The 0 level is considered overbought while -100 oversold.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- 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.
Free Download
Download the “WPR.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the WPR Forex indicator in action.
Basic Trading Signals
BUY:
- A buy signal is given when WPR indicator reaches the -100 value 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.
SELL:
- A sell signal is given when WPR indicator reaches the 100 value 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
Download the “WPR.mq4” MT4 indicator
Adjustable Parameters & Settings
WPR period, 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.mq4 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