The WPR T3 Forex indicator for Metatrader 4 is composed of the Williams’ Percent Range technical indicator while smoothed by the T3 trading algorithm.
In essence, it is an oscillator that identifies overbought and oversold market levels and ranges between 0.00 and -105 extreme values.
The indicator appears as a red & blue dotted line in the bottom chart of the MT4 platform.
The 0 level is considered extremely overbought, while -105 is extremely oversold.
Key Features
- Identifies overbought and oversold levels
- Beginner 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 t3.mq4” MT4 indicator
Trading Chart
The EUR/USD 1-hour chart below shows the WPR T3 Forex indicator in action.
Trading Signals
BUY:
- A buy signal is given when the WPR T3 indicator reaches the -105 value while 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 the WPR indicator reaches the 0 value while 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 Now
Download the “wpr t3.mq4” MT4 indicator
Trading Strategy: WPR T3 Forex Indicator with 200 SMA Confirmation
The WPR T3 Forex Indicator helps identify potential overbought and oversold market conditions with precise arrows and alerts.
When combined with the 200-period Simple Moving Average (SMA), this strategy filters trades to align with the overall trend, increasing the probability of success.
Strategy Overview
- Time Frame: 15-minute (M15), 30-minute (M30), or 1-hour (H1) charts
- Currency Pairs: Major Forex pairs like EUR/USD, GBP/USD, USD/JPY
- Indicators Used:
- WPR T3 Forex Indicator (default settings)
- 200-period Simple Moving Average (SMA)
Entry Criteria
Buy Signal
- Price is trading above the 200 SMA, indicating an uptrend.
- The WPR T3 Forex Indicator shows a blue upward arrow, signaling an oversold condition and potential buy opportunity.
- Enter a buy trade at the close of the signal candle.
Sell Signal
- Price is trading below the 200 SMA, indicating a downtrend.
- The WPR T3 Forex Indicator shows a red downward arrow, signaling an overbought condition and potential sell opportunity.
- Enter a sell trade at the close of the signal candle.
Trade Management
- Stop Loss: Place the stop loss a few pips below the recent swing low for buy trades, or above the recent swing high for sell trades.
- Take Profit: Aim for a minimum risk-to-reward ratio of 1:2. Alternatively, consider closing the trade when the WPR T3 indicator signals an opposite arrow.
- Risk Management: Limit risk to 1-2% of your trading capital per trade to protect your account.
Why Use This Indicator Combination?
The WPR T3 Forex Indicator excels at signaling short-term reversals by detecting overbought and oversold conditions.
However, trading solely on these signals can be risky if they contradict the overall market trend.
The 200 SMA acts as a reliable trend filter, helping traders to take trades only in the direction of the dominant trend.
This combined approach helps reduce false signals and improves trade accuracy.
Customizable Parameters & Settings
WPR period, T3, colors, style
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
More Info About This Tool
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: overbought/oversold
How do you install the WPR T3 indicator in Metatrader 4?
- Copy and paste the wpr t3.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)
