The WPRfix Metatrader 5 Forex indicator is calculated in a manner that resembles the WPR (Williams’ Percent Range).
The main difference between the two is that on the WPRfix Metatrader 5 Forex indicator, the price change interval occurs in points, instead of a period.
Each bar’s indicator period is hand-picked in a manner that shows price interval for the period (Williams’ Percent Range) surpasses Range (WPRfix) input parameter.
This suggests that the value of the input parameter should surpass the average height on the active timeframe.
The value of the WPRfix MT5 forex indicator ranges between -50 and +50.
The EUR/CAD H4 chart below displays the WPRfix Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the medium turquoise line of the wprfix Metatrader 5 forex indicator breaks above the zero level.
Sell Signal: Go short when the medium turquoise line of the wprfix Metatrader 5 forex indicator dips below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the medium turquoise line of the wprfix MT5 forex indicator falls below the zero level.
Exit sell trade: Close all sell order if while a bearish trend is ongoing, the medium turquoise line of the wprfix MT5 forex indicator surges above the zero level.
Tips: The wprfix Metatrader 5 forex indicator has an interesting ability to spot reversal when it bounces off the -50 (bullish reversal) and +50 (bearish reversal).
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Range), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | reversal
Copy and paste the wprfix.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)