The Filtered WPR Forex indicator for Metatrader 5 is a colored signal oscillator solely based on the Williams’ Percent Range technical indicator.
It delivers Forex signals that can be used for both trade entries and exits in any market.
The filtered WPR is displayed in a bottom chart as a green and violet colored signal line.
The WPR-filtered colors are explained:
- A green colored signal line suggests an uptrend.
- A violet colored signal line suggests a downtrend.
For maximum profit, deploy the indicator on the major currency pairs during the most volatile trading sessions.
The indicator contains the following inputs and parameters: WPR and filter period, filter size.
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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Filtered WPR.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Filtered WPR Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Filtered WPR Forex Signal Indicator?
Find a simple trading example below:
Buy Signal
- A new buy signal is given when the green colored signal line appears in the bottom chart.
- Open a buy trade and place your stop loss some pips below support.
- Exit the buy trade when the violet colored signal line appears on the chart.
Sell Signal
- A new sell signal is given when the violet colored signal line appears in the bottom chart.
- Open a sell trade and place your stop loss some pips above resistance.
- Exit the sell trade when the green colored signal line appears on the chart.
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Filtered 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 Filtered 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