MTF WPR Indicator

MTF WPR Indicator

MTF WPR Indicator For MT4 provides overbought and oversold forex trading signals based on multi time frame William’s percent range

The MTF WPR indicator for MT4 plots the William’s Percent Range oscillator of a desired time frame in the current price chart. This oscillator provides overbought and oversold market conditions of a higher time frame chart in the current chart. This enables the forex traders buy and sell accordingly.

The indicator works well in all chart time frames, traders can input the desired WPR settings according to their requirement. Moreover, this indicator works well for all intraday traders, scalpers, short and long-term forex traders.

MTF WPR Indicator For MT4 Trading Signals

The oscillator plots a blue oscillator line with values from 0 to -105. Indicator line above -20 indicates an overbought condition, while below -80 is oversold. The trading strategy is based on anticipating price reversals at the extreme market conditions.

If the indicator moves above -20 traders should anticipate a price reversal. So, traders should consider entering the markets with a sell trade with a stop loss above the previous swing high. Similarly, if the indicator line moves below -80 traders should expect a bullish price reversal. So, traders should enter buy trades with a stop below the previous swing low.

The indicator does not provide a profit target. However it is prudent to hold the position until the oscillator moves to the opposite extreme condition. Anticipating price reversals and entering trade positions are always more risky. Overbought and oversold conditions may not hold true during strong trend conditions. So, traders should enter the positions only after confirming with price action or other indicators.

Conclusion
In summary, the MTF WPR indicator for MT4 helps forex traders identify overbought and oversold market conditions.