The Wilson Relative Price Forex Channel indicator for Metatrader 5 can be used to buy dips in uptrends and sell rallies in downtrends with great precision.
The indicator appears as a colored trading channel in the price chart and it’s composed of RSI + ATR.
Understanding the indicator:
- The market is in an uptrend when the Wilson Relative Price Forex Channel is sloping upward.
- The market is in a downtrend when the Wilson Relative Price Forex Channel is sloping downward.
The following indicator inputs and parameters can be modified: RSI period, RSI price, smoothing period for RSI, overbought level, oversold level, upper neutral level %, lower neutral level %, ATR multiplier.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Wilson Relative Price Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Wilson Relative Price Channel Indicator?
Find a simple trading example below:
- A buy signal is given when price hits the light-gray colored band and the Wilson channel is sloping upward.
- Execute a buy order and set a protective stop loss order below the light-gray colored band.
- Exit the buy trade when price touches the green colored band, or utilize your own take profit method.
- A sell signal is given when price hits the green colored band and the Wilson channel is sloping downward.
- Execute a sell order and set a protective stop loss order above the green colored band.
- Exit the sell trade when price touches the light-gray colored band, or utilize your own take profit method.
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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 Wilson Relative Price Channel – mod.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