Volatility Adjusted WPR Metatrader 5 Forex Indicator
The Volatility Adjusted WPR MT5 forex indicator is a type of momentum signals indicator, and WPR is short for Williams Percent Range.
Talking about the Williams Percent Range, the Volatility Adjusted WPR Metatrader 5 forex indicator acts in a similar manner.
Its dual colored (dodger blue and Indian red) line oscillates around the zero center line, while pushing above the 30.00 and below the -30.00 extreme levels.
The simple volatility component is incorporated into the indicators’ code to ease the process of volatility adjustments, which is why the indicator is quite successful when in use for short/long term trading.
Indicator activity above the 30.00 mark is tagged overbought, while when it runs below the -30.00 level, it is said to be oversold.
As a final point, the Volatility Adjusted WPR uses low lag smoothing to smooth up results, but this feature can be turned off when the smoothing/slowing period get a value that is ≤1.
The USD CHF M30 chart below displays the Volatility Adjusted WPR Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dual colored line and deep sky blue histograms of the Volatility Adjusted WPR Metatrader 5 custom forex indicator breaks above the zero signal level from below.
Sell Signal: Go short when the dual colored line and histograms (Indian red and coral) of the Volatility Adjusted WPR Metatrader 5 forex indicator breaks below the zero signal level from above.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Volatility Adjusted WPR indicator dips below the 30.00 level after breaching it.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the Volatility Adjusted WPR MT5 indicator surges above the -30.00 level after breaking below it.
Tips: Just like the traditional WPR, the Volatility adjusted WPR is mostly used to spot entry and exit points in the market, thus making it the right candidate for scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [WPR period, Volatility period (<=0 for same as WPR period), Smoothing/slowing period (<=1 for no smoothing), Price], Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator
Copy and paste the Volatility adjusted WPR.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)