Metro WPR Indicator

Metro WPR Indicator

Metro WPR Indicator for MT5 provides overbought and oversold trading signals based on William’s percentage range.

The Metro WPR Indicator for MT5 displays the William Percent Range Oscillator in 3 lines with different periods on the current price chart. This oscillator provides overbought and oversold market conditions on a higher time frame chart on the current chart. This allows forex traders to buy and sell accordingly.

The indicator works well on all chart timeframes, traders can enter their desired WPR settings as per their requirements.

Moreover, this indicator works well for all day traders, scalpers, short-term and long-term Forex traders.

Metro WPR Indicator For MT5 Trading Signals

The oscillator draws a blue oscillator line with values from 0 to – 105. An indicator line above – 30 indicates an overbought condition, and below – 70 indicates an oversold condition. The trading strategy is based on predicting price reversals in extreme market conditions.

If the indicator moves higher – 30 traders should expect a price reversal. Therefore, traders should consider entering the market with a sell trade with a stop loss above the previous swing high. Likewise, if the indicator line moves below -70, traders should expect a bullish price reversal. Therefore, traders should enter buy trades with a stop below the previous swing low.

The indicator does not provide a profit target. However, it is wise to hold the position until the oscillator goes to the opposite extreme state. Waiting for a price reversal and entering trading positions is always riskier. Overbought and oversold conditions may not be met during a strong trend. Therefore, traders should enter positions only after confirmation by price action or other indicators.

Conclusion
Thus, Metro WPR Indicator for MT5 helps forex traders to identify overbought and oversold market conditions.