Wilson Relative Price Channel - mod - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource
Leon Wilson's Wilson Relative Price Channel was described in the July 2006 issue of TASC. It uses RSI to draw chart trading areas, but in its original version there was a problem: on lower time frames, it didn't work at all - ie: it worked, but the results shown were not usable for trading decisions. It uses price percentage changes as the basis for channel drawing, that's why it only works on high timeframes (mainly weekly or higher)
In this version, we use Wilson's idea, but with a modification: instead of using the price change percentage as a basis, we use ATR. This way, the indicator can work on any timeframe (since it adjusts itself to the chart's timeframe via ATR calculation).
It works the way it was originally intended - you can use these areas as overbought and oversold areas
Attachment download
📎 wilson_relative_price_channel_-_mod.mq5 (11.67 KB)
Source: MQL5 #22575
💡 Featured Recommendations
✍️ Latest by the author
- •
- •
- •
- •
- •
- •
📌 Popular topics
- •
- •
- •
- •
- •
- •
- •
- •
🔗 You May Be Interested In
- •
- •
- •
- •
- •
- •
