WPR Candles - MetaTrader 5 Script | Forex Indicator Downloads - MT4/MT5 Resources - MetaTrader 5 Resources
This indicator is a variation of the well-known WPR (Williams Percent Range) indicator.
It is calculating 4 WPR values:
These 4 values are then combined into "candles". This calculation does not use the original WPR calculation. Instead, it is tuned to be able to calculate these 4 values. Therefore, there are now 2 significance levels available.
This way, by looking at the levels, possible overbought and oversold conditions can be assessed.
Attachment download
📎 wpr_candles.mq5 (6.81 KB)
Source: MQL5 #21549
WPR Candles - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
WPR Candles - MetaTrader 5 Script | Foreign Exchange 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 only on titles or short-term profit descriptions.
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