The Fractal WPR indicator for Metatrader 5 shows overbought & oversold market conditions and is composed of Fractals and the WPR indicator.
WPR stands for William’s Percent Range.
The Fractal WPR indicator generates trade entry signals and works the best when combined with trend indicators.
How to interpret this technical analysis tool?
- The market is oversold when the Fractal WPR indicator reaches the 70 level.
- The market is overbought when the Fractal WPR indicator reaches the 30 level.
The following indicator inputs and parameters can be modified according to your preferences: Fractal period, WPR, line style, colors.
It is highly recommended to familiarize yourself with this indicator and thoroughly test it on a demo account before implementing it in live trading.
It supports all time frames and Forex pairs.
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The following chart shows how the Fractal WPR indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Fractal WPR Indicator?
Find a simple trading strategy below:
- A buy trade entry signal is triggered when the Fractal WPR indicator reverses from below and rises back above 70.
- The overall market trend should be heading upwards.
- Initiate a buy trade at market price and set a protective stop loss below short-term support.
- Close the buy position when the risk to reward ratio reaches a minimum of 1.0, or wait for a sell signal.
- A sell trade entry signal is triggered when the Fractal WPR indicator reverses from above and falls back below 30.
- The overall market trend should be heading downwards.
- Initiate a sell trade at market price and set a protective stop loss above short-term resistance.
- Close the sell position when the risk to reward ratio reaches a minimum of 1.0, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Fractal_WPR.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration