The Volatility Adjusted WPR indicator for Metatrader 5 is a great buy/sell signals oscillator composed of market volatility and William’s percent range indicator.
The indicator is displayed in a bottom chart window as colored WPR histogram bars.
It can be used as a standalone trading tool or combined with a trading strategy for additional trend confirmation.
How to trade with the Volatility Adjusted WPR indicator?
- The blue colored histogram bars represent an uptrend.
- The orange colored histogram bars represent a downtrend.
The indicator contains the following inputs and parameters: WPR period, volatility period, smoothing period, and price.
Make yourself familiar with this non-repaint technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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Volatility adjusted WPR.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Volatility Adjusted WPR indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Volatility Adjusted WPR Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the blue colored histogram bars appear on the chart.
- Open a buy trade and place your protective stop loss below technical support.
- Exit the buy trade for a fixed take profit or wait for a sell signal.
Sell Signal
- A sell signal is given when the orange colored histogram bars appear on the chart.
- Open a sell trade and place your protective stop loss above technical resistance.
- Exit the sell trade for a fixed take profit or wait until a buy signal arrives on the chart.
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Volatility adjusted WPR.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Volatility adjusted WPR.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration