The WPR “Williams’ Percent Range” indicator for Metatrader 4 is an oscillator that identifies overbought and oversold market levels.
The indicator appears as a blue colored line in the bottom chart and oscillates between the 0 and -100 extreme levels.
The 0 level is considered overbought while -100 is oversold.
After downloading and installing the indicator on the MT4 trading platform, it should look like the image shown below.
Key Points
- Identifies overbought and oversold levels
- Newbie 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. See an example below.
Free Download
Download the “WPR.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the WPR Forex indicator in action.
Simple Trading Signals
BUY:
- A buy signal is given when the WPR indicator reaches the -100 value and 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 100 value and 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.mq4” MT4 indicator
Trading Strategy: WPR Williams Percent Range with 200 SMA Confirmation
This strategy integrates the WPR Williams Percent Range Forex Indicator with the 200-period Simple Moving Average (SMA) to identify high-probability trade setups.
The WPR helps determine overbought and oversold conditions, while the 200 SMA serves as a trend filter, ensuring trades align with the prevailing market trend.
Strategy Overview
- Time Frame: 15-minute (M15), 30-minute (M30), or 1-hour (H1) charts
- Currency Pairs: Major pairs (e.g., EUR/USD, GBP/USD, USD/JPY)
- Indicators Used:
- WPR Williams Percent Range (default settings)
- 200-period Simple Moving Average (SMA)
Entry Criteria
Buy Signal
- The price is trading above the 200 SMA, indicating an uptrend.
- The WPR Williams Percent Range crosses above the -80 level, signaling an oversold condition and potential upward reversal.
- Enter a buy trade at the close of the signal candle.
Sell Signal
- The price is trading below the 200 SMA, indicating a downtrend.
- The WPR Williams Percent Range crosses below the -20 level, signaling an overbought condition and potential downward reversal.
- Enter a sell trade at the close of the signal candle.
Trade Management
- Stop Loss: Place a 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 risk-to-reward ratio of at least 1:2, or exit the trade when the WPR Williams Percent Range reaches the opposite extreme level.
- Risk Management: Risk no more than 1-2% of your trading capital on a single trade.
Why Combine WPR Indicator with 200 Simple Moving Average?
The WPR Williams Percent Range Indicator helps identify overbought and oversold market conditions, which can indicate potential price reversals.
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.
Adjustable Parameters & Settings
WPR period, 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 indicator in Metatrader 4?
- Copy and paste the WPR.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)
