Overbought and Oversold WPR - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
Overbought and oversold indicators are designed to identify where a price reversal may occur. In the original wpr indicator, when we saw the -20 level, we considered it overbought. When the price reaches the overbought stage, a potential downward reversal may occur and we will take a sell position. Likewise, when oversold reaches the -70 level, we may observe a reversal in the direction of buy positions.
If you like this indicator, I advise you to use it with caution as I cannot guarantee your luck.
Attachment download
📎 XAUUSDH1.png (54.8 KB)
📎 WPR_QVERBOUGHT_OVERSOLD.mq5 (22.07 KB)
Source: MQL5 #69597
Overbought and oversold WPR - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening recommendations
Overbought and oversold WPR - MetaTrader 5 script | Forex indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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