About the Extra WPR Forex Indicator
The Extra WPR Indicator for MT4 is a free trading tool that provides buy and sell signals based on the Williams’ Percent Range (WPR) technical indicator.
It appears in a separate MT4 chart window as a histogram, incorporating the WPR trading system for clear and actionable signals.
The indicator is versatile and can be used for both trade entries and exits, or as a confirmation filter to enhance your existing strategies.
Traders can quickly spot potential market reversals and follow the momentum of currency pairs using the built-in signal lines.
The Extra WPR works effectively across all currency pairs, providing reliable setups for scalpers, day traders, and swing traders when used correctly.
Free Download
Download the “extra-wpr-indicator.mq4” indicator for MT4
Key Features
- Buy and sell signals based on the Williams’ Percent Range (WPR)
- Displays a histogram with yellow and red signal lines
- Clear crossover signals for actionable trade entries
- Suitable for scalping, day trading, and swing trading
Indicator Chart
The chart below shows the Extra WPR Indicator in action on an MT4 chart.
A buy signal is generated when the yellow line crosses above the red line, while a sell signal occurs when the yellow line crosses below the red line.
This histogram-based approach makes it easy to identify trading opportunities and momentum shifts.
Guide to Trade with Extra WPR Indicator
Buy Rules
- Enter a buy trade when the yellow signal line crosses above the red signal line
- Confirm with the broader uptrend for extra confirmation
Sell Rules
- Enter a sell trade when the yellow signal line crosses below the red signal line
- Confirm with the broader downtrend for extra confirmation
Stop Loss
- Place a stop loss a few pips beyond recent swing highs or lows
Take Profit
- Set the first target near the next support or resistance level
- Exit the trade when the signal lines cross in the opposite direction
Practical Tips
- Use the Extra WPR Indicator with trend or momentum filters for better accuracy
- Check higher timeframes to confirm entries and trend alignment
- Best used during active market sessions for scalping or day trading
Extra WPR Indicator + Hourly Pivot Points Forex Scalping Strategy for MT4
This scalping method combines the Extra WPR Forex Indicator for MT4 with the Hourly Pivot Points Metatrader 4 Forex Indicator.
The Extra WPR finds short-term overbought and oversold momentum.
The Hourly Pivot Points give clear intraday support and resistance levels.
Used together, they create quick, low-risk scalp entries around pivots with momentum confirmation.
Use this on 1-minute and 5-minute charts. The hourly pivot lines are calculated from each hour and offer tight reference levels for scalps.
This strategy is for active scalpers who trade high-liquidity pairs during active sessions and who want consistent, repeatable rules.
Buy Entry Rules
- Time and pair: trade during the London or New York session on majors or liquid crosses.
- Pivot context: price is at or slightly above the Hourly S1 pivot (support) or between Pivot Point and S1 with a clear support touch.
- WPR confirmation: Extra WPR must show an oversold reading and a bullish crossover or exit from the oversold zone (example: WPR rising above -80 or your configured threshold).
- Entry: enter at the close of the confirmation candle on the 1m or 5m chart.
- Stop loss: Place SL just below the pivot support or the recent local swing low. Typical SL 6–12 pips on majors when using 5m charts; tighter on 1m if liquidity permits.
- Take profit: target 1x to 2x the risk for quick scalps. Typical TP 8–18 pips depending on SL. Optionally use partial exit at 1R and move SL to breakeven.
Sell Entry Rules
- Time and pair: trade during active sessions and avoid thin overnight hours.
- Pivot context: price is at or slightly below the Hourly R1 pivot (resistance) or between Pivot Point and R1, and testing resistance.
- WPR confirmation: Extra WPR must show an overbought reading and a bearish crossover or drop from the overbought zone (example: WPR falling below -20 or your threshold).
- Entry: enter at the close of the confirming bearish candle on 1m or 5m.
- Stop loss: place SL above the pivot resistance or the recent local swing high. Typical SL 6–12 pips on 5m charts.
- Take profit: target 1x to 2x the risk. Consider partial exits and trailing the remainder with a few pips offset.
Advantages
- A clear confluence between momentum and intraday levels improves win rate.
- A fast trade cycle allows many small edges per trading session.
- Works well on liquid majors with tight spreads.
- Simple rules keep execution quick — ideal for scalping where speed matters.
Drawbacks
- Vulnerable to sudden news spikes. Avoid trading around major releases.
- Requires low spreads and reliable execution. Broker slippage hurts performance.
- Can produce whipsaws in low-volume sessions or thin pairs.
- Emotion and overtrading risk — small wins can be erased by frequent losses if discipline slips.
Case Study 1 — EUR/USD 5m (Buy)
Setup
Hourly S1 at 1.1050 held as support. Price tested S1 and formed a small wick down on the 5m.
Extra WPR moved from -92 to -75, signaling a momentum reversal.
Trade
- Entry: 1.1052 at the close of the confirming 5m candle.
- Stop loss: 1.1046 (6 pips below entry and pivot).
- Take profit: 1.1066 (14 pips) — target ≈ 2.3x risk or scale out at 1R (1.1062) and leave runner.
- Outcome: TP hit after a quick 20-minute move. Net +14 pips.
Case Study 2 — USD/JPY 1m (Sell)
Setup
Price tested the hourly R1 at 150.30. Extra WPR climbed above the overbought threshold, then crossed down, showing a loss of momentum.
Spread was low during Tokyo-London overlap.
Trade
- Entry: 150.28 at the close of the bearish 1m candle.
- Stop loss: 150.36 (8 pips above entry and pivot).
- Take profit: 150.14 (14 pips), about 1.75x risk. Partial exit at 1R then trail.
- Outcome: partial exit at 1R, final target reached. Net +14 pips.
Strategy Tips
- Use the hourly pivot lines as the main location filter. Trades closer to S1 or R1 have a better edge than random mid-pivot entries.
- Monitor spreads. Stop trading if the spread exceeds your typical SL in pips.
- Adjust WPR thresholds to fit your timeframe and the Extra WPR settings you use.
- Use tight position sizing and a trading plan. Scalping needs consistent math and risk control.
Download Now
Download the “extra-wpr-indicator.mq4” indicator for Metatrader 4
FAQ
What is the main purpose of the Extra WPR Indicator?
The indicator identifies potential buy and sell opportunities by tracking the crossover of its yellow and red signal lines based on the Williams’ Percent Range.
It helps traders spot momentum shifts and trend reversals efficiently.
Can the indicator be used for both scalping and swing trading?
Yes. On lower timeframes, it is ideal for scalping and day trading. On higher timeframes, it can be used for swing trades and longer-term trend analysis.
How should I confirm the signals?
While the Extra WPR provides clear crossover signals, you can combine it with trend indicators, support/resistance levels, or other oscillators for confirmation and higher probability trades.
Does it work on assets other than Forex?
Yes. The indicator works effectively on CFDs, indices, commodities, and cryptocurrencies in addition to all major and minor Forex pairs.
Summary
The Extra WPR Indicator for MT4 is a reliable tool for detecting buy and sell opportunities using the Williams’ Percent Range technical system.
Its histogram with yellow and red signal lines provides clear, actionable signals suitable for scalping, day trading, and swing trading.
It can be used alone or combined with other indicators for confirmation.
Traders who follow its signals systematically can improve timing, reduce mistakes, and increase potential profitability.
