The WPRSI Signal Arrows Metatrader 5 indicator is a technical tool that delivers trading signals via the use of colored arrows on the activity chart.
The signals from the indicator are based on the Williams’ Percent Range or WPR and the Relative Strength Index or RSI technical indicators.
The lime upward arrows are signals for a bullish trend, but are calculated when the WPR and RSI are greater than -20 and 50 respectively.
The magenta downward arrows are signals for a bearish trend, which are calculated when the WPR and RSI are less than -80 and 50 respectively.
The WPRSI indicator is suitable for scalping, day trading and swing trading purposes.
The USD/JPY H4 chart below displays the WPRSI Signal Arrows forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime upward pointing arrow of the indicator pops up below the candlesticks.
Sell Signal: Go short when the magenta downward pointing arrow of the indicator pops up above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the magenta downward pointing arrow of the MT5 forex indicator pops up above price bars.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lime upward pointing arrow of the MT5 forex indicator pops up below price bars.
Tips: Trade the WPRSI forex indicator in combination with other technical indicators like the Ichimoku Kinko Hyo to increase the number of winning trades.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (WPRSI_period, filterUP, filterDN), 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 | reversals
Copy and paste the wprsisignal.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)