The Extra WPR indicator for Metatrader 4 provides buy and sell signals based on the Williams’ Percent Range technical indicator.
The indicator appears in a separate MT4 chart window as a histogram that contains the WPR trading system.
Extra WPR can be used in various ways.
Trade Idea
- A buy signal occurs as soon as the yellow signal line crosses the red signal line upwards.
- A sell signal occurs as soon as the yellow signal line crosses the red signal line downwards.
The Extra WPR indicator can be used for both entry and exit signals or to confirm buy & sell trade setups issued by your favorite trading systems or strategies.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities, etc.) and shows promising results if used correctly.
Free Download
Download the “extra-wpr-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Extra WPR MT4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss, and take profit strategy to trade with the custom-built Extra WPR Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading, and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Williams’ Percent Range
Does it repaint? No.
Extra WPR + Hourly Pivot Points MT4 Scalping Strategy
Intro
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 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.
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Download the “extra-wpr-indicator.mq4” indicator for Metatrader 4
