Williams % R system (Williams % R system) | Foreign exchange EA download- MT4/MT5 resources
The original system is as follows.
Since I'm not a fan of large stop loss trades, the potential decline from the previous system meant some changes needed to be made.
I'm currently watching gbpusd, gbpjpy, eurjpy, eurusd, usdchf, audusd, usdcad and gbpchf on the 1 hour chart with a Williams % R 14 setting. There is nothing else on these charts.
Once the -50 line is crossed (on a closing candle) I use a 1 minute chart with a Keltner channel period of 20, a multiplier of 2.2 (you can of course use the standard setup of Bol Bands) and a 5 EMA set to 3 shifts on the close. I like to see price in the upper channel and then move down through the 5 EMA to sell, and of course see price in the bottom channel and then move up through the EMA to buy. The EMA should be close to the bands (tops for sell, bottoms for buy), but this doesn't always happen when the market is moving quickly.
The setup is then initiated from the crossover of the -50 line on the 1 hour chart, while the 1 minute crossover of the EMA in the trading direction is the time to enter. This tends to remove most of the whip, and since the stop loss is so small, the spread can be up to 20 pips for higher stops for EUR and 15 for GBP.
Money management depends on your risk level. Once the 20 pips are up, I like to move the stop to BE and continue to trade in and out when the crossover occurs on the 1 minute chart. Once you cross the -50 line in the opposite direction, it's time to go the other way.
Please test it yourself before trading live.
(For EUR/JPY and GBP/JPY 2-hour charts.
Using the Williams % R 14 setting, add an extra horizontal line at the -50 level. Trade in the direction of the trend, so if the trend is up, any dip below -50, no matter how small, should be bought above -50 with the following cross. In a downtrend, any rise above the -50 line is a clear reversal, followed by selling below it.
After crossing the -50 line, trade the opening of the next candle.
You can also trade on the 4 hour chart, below the 2 hour chart you can get more false signals.
You would be surprised how small a stop loss is required even for GBP/USD.
This should be easy for those EA writers out there.
I determine the trend by loading the 50, 100 and 200 EMAs, and then I have to stack these EMAs in the correct order, i.e. 50 is at the top in an uptrend and at the bottom in a downtrend. )
Since I'm not a fan of large stop loss trades, the potential decline from the previous system meant some changes needed to be made.
I'm currently watching gbpusd, gbpjpy, eurjpy, eurusd, usdchf, audusd, usdcad and gbpchf on the 1 hour chart with a Williams % R 14 setting. There is nothing else on these charts.
Once the -50 line is crossed (on a closing candle) I use a 1 minute chart with a Keltner channel period of 20, a multiplier of 2.2 (you can of course use the standard setup of Bol Bands) and a 5 EMA set to 3 shifts on the close. I like to see price in the upper channel and then move down through the 5 EMA to sell, and of course see price in the bottom channel and then move up through the EMA to buy. The EMA should be close to the bands (tops for sell, bottoms for buy), but this doesn't always happen when the market is moving quickly.
The setup is then initiated from the crossover of the -50 line on the 1 hour chart, while the 1 minute crossover of the EMA in the trading direction is the time to enter. This tends to remove most of the whip, and since the stop loss is so small, the spread can be up to 20 pips for higher stops for EUR and 15 for GBP.
Money management depends on your risk level. Once the 20 pips are up, I like to move the stop to BE and continue to trade in and out when the crossover occurs on the 1 minute chart. Once you cross the -50 line in the opposite direction, it's time to go the other way.
Please test it yourself before trading live.
(For EUR/JPY and GBP/JPY 2-hour charts.
Using the Williams % R 14 setting, add an extra horizontal line at the -50 level. Trade in the direction of the trend, so if the trend is up, any dip below -50, no matter how small, should be bought above -50 with the following cross. In a downtrend, any rise above the -50 line is a clear reversal, followed by selling below it.
After crossing the -50 line, trade the opening of the next candle.
You can also trade on the 4 hour chart, below the 2 hour chart you can get more false signals.
You would be surprised how small a stop loss is required even for GBP/USD.
This should be easy for those EA writers out there.
I determine the trend by loading the 50, 100 and 200 EMAs, and then I have to stack these EMAs in the correct order, i.e. 50 is at the top in an uptrend and at the bottom in a downtrend. )
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