The William %R Histogram Forex indicator with alerts for Metatrader 4 is a momentum oscillator that provides trend direction in the form of a histogram.
The indicator pops up in a bottom window as colored green (bullish) and red (bearish) histogram bars.
After you have downloaded and installed the indicator on the MT4 trading platform, it should look like the image shown below.
Key Points
- Based on the %R technical indicator
- Provides buy & sell signals with alerts
- Beginner friendly
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple trend confirmation tool.
Free Download
Download the “William histogramm with alert.mq4” MT4 indicator
Trading Chart
The EUR/USD 1-hour chart below shows the William %R Histogram indicator in action.
Basic Trading Signals From the William %R Histogram Indicator
BUY:
- Open a buy position as soon as the first green colored William %R Histogram bar appears on the chart.
- Place a stop loss below the previous swing low price.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- Open a sell position as soon as the first red colored William %R Histogram bar appears on the chart.
- Place a stop loss above the previous swing high price.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download Now
Download the “William histogramm with alert.mq4” MT4 indicator
Trading Strategy: William %R Histogram + Market Sentiment Indicator
This strategy is built on detecting price reversals using the William %R Histogram Indicator with Alert, confirmed by the directional signals from the Market Sentiment Forex Signal Indicator.
It’s a powerful setup for counter-trend or mean-reversion trading with confirmation.
Recommended Timeframes
- M15, M30, or H1 — suitable for intraday and short-term swing trades
Indicators Used
Buy Trade Setup
- Wait for the William %R Histogram to drop below the -80 level, entering oversold territory, and show a bullish histogram color or alert.
- Confirm that the Market Sentiment Indicator shows a buy signal (typically a green arrow or sentiment value above 50%).
- Enter a buy trade on the next candle close after both conditions are met.
- Place your stop loss just below the recent swing low or support zone.
- Set your take profit at a 1:2 or 1:3 risk-to-reward ratio, or at the next resistance level.
Sell Trade Setup
- Wait for the William %R Histogram to rise above the -20 level, entering overbought territory, and show a bearish histogram color or alert.
- Confirm that the Market Sentiment Indicator displays a sell signal (typically a red arrow or sentiment below 50%).
- Enter a sell trade on the next candle close after confirmation.
- Place your stop loss just above the recent swing high or resistance area.
- Set your take profit at a 1:2 or 1:3 risk-to-reward ratio, or at the next support level.
Strategy Tips
- Use this strategy during high volatility sessions (London and New York) for stronger reversals.
- Avoid using during consolidation or flat market conditions.
- Look for divergences between price and the %R histogram to anticipate early reversal setups.
Strategy Conclusion
This Forex strategy offers high-probability trade setups with clear, rule-based entries.
It’s especially useful for traders looking to catch turning points before major trends begin.
Adjustable Indicator Parameters & Settings
Colors, style
Technical Information
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: oscillator
How do you install the William %R Histogram indicator in Metatrader 4?
- Copy and paste the William histogram with alert.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
