iWPR+ Forex Oscillator For Metatrader 4

The iWPR+ Forex Oscillator for Metatrader 4 is an overbought/oversold technical oscillator that works great to enter and exit currency trades with great precision.

The indicator uses the 20 oversold and 80 overbought extreme values.

  • The currency pair is considered oversold when it reaches the 20 iWPR+ extreme value.
  • The currency pair is considered overbought when it reached the 80 iWPR+ extreme value.

It’s recommended to combine the iWPR+ oscillator with other technical indicators or price action techniques.

In trending markets, only trade signals from the iWPR+ oscillator in the overall market direction.

Uptrend? Only trade the oversold iWPR+ extreme values. Avoid the overbought extreme values.

Downtrend? Only trade the overbought iWPR+ extreme values. Avoid the oversold extreme values.

Free Download

Download the “iWPR+.mq4” MT4 indicator

Example Chart

The GBP/JPY M30 chart below displays the iWPR+ Forex Oscillator Metatrader 4 forex indicator in action.

Basic Trading Signals

Signals from the iWPR+ Oscillator MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Initiate a buy trade order when the iWPR+ value crosses the 20 oversold level upwards and the overall trend direction is up.

Place a stop loss 2-3 pips below the most recent support or apply your own stop loss method.

Sell Signal: Initiate a sell trade order when the iWPR+ value crosses the 80 overbought level downwards and the overall trend direction is down.

Place a stop loss 2-3 pips above the most recent resistance level or apply your own stop loss method.

Download

Download the “iWPR+.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart window indicator

Customization options: Variable (iWPR+ period) Width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly

Type: oscillator

Installation

Copy and paste the iWPR+.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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