In the current price chart, the MTF WPR Forex indicator for MT4 plots the William’s Percent Range oscillator of a desired time frame. This oscillator provides overbought and oversold market conditions of a higher time frame chart in the current chart, enabling forex traders to buy and sell accordingly.The indicator works well in all chart time frames; traders can input the desired WPR settings according to their requirements. Moreover, this indicator works well for all intraday traders, scalpers, and short and long-term forex traders.

MTF WPR Indicator For MT4 Trading Signals

The oscillator plots a blue oscillator line with values from 0 to -105. The indicator line above -20 indicates an overbought condition, while below -80 is oversold. The trading strategy is based on anticipating price reversals in extreme market conditions.

If the indicator moves above -20, traders should anticipate a price reversal. So, traders should consider entering the markets with a sell trade with a stop loss above the previous swing high. Similarly, if the indicator line moves below -80, traders should expect a bullish price reversal. So, traders should enter buy trades with a stop below the previous swing low.

The indicator does not provide a profit target. However, holding the position until the oscillator moves to the opposite extreme condition is prudent. Anticipating price reversals and entering trade positions are always more risky. Overbought and oversold conditions may not hold during strong trend conditions. So, traders should enter the positions only after confirming with price action or other indicators.

Conclusion

The MTF WPR indicator for MT4 helps forex traders identify overbought and oversold market conditions.

MTF WPR Forex Indicator MT4 Free Download