The WPR Overbought & Oversold Arrow Signals indicator for Metatrader 4 is solely based on the Williams’ Percent Range technical indicator.
The indicator appears as green and red colored signal arrows.
A green colored arrow indicates oversold market conditions, while a red colored arrow indicates overbought market conditions.
Key Features
- Identifies overbought and oversold levels
- Newbie friendly
- Works on all time frames.
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as an oversold/overbought technical tool.
Free Download
Download the “WPR OverBought OverSold Arrow Signals.ex4” MT4 indicator
Indicator Example Chart
The EUR/GBP 1-hour chart below shows the WPR Overbought & Oversold Arrow Signals Forex indicator in action.
Basic Trading Signals
BUY:
- A buy signal occurs when the green colored arrow (oversold) gets printed on the chart and the underlying trend is upward.
- Set stop loss below key support.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- A sell signal occurs when the red colored arrow (overbought) gets printed on the chart and the underlying trend is downward.
- Set stop loss above key resistance.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
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Download the “WPR OverBought OverSold Arrow Signals.ex4” MT4 indicator
MT4 Trading Strategy: WPR Overbought & Oversold Arrows with Market Sentiment Confirmation
This strategy integrates the WPR Overbought & Oversold Arrow Signals Indicator with the Market Sentiment Forex Signal Indicator to identify high-probability trade setups.
By combining overbought/oversold signals with prevailing market sentiment, traders can filter out low-probability trades and focus on high-confidence opportunities.
Strategy Overview
- Time Frame: 15-minute (M15) or 1-hour (H1) charts
- Currency Pairs: Major pairs (e.g., EUR/USD, GBP/USD)
- Indicators Used:
- WPR Overbought & Oversold Arrow Signals Indicator (default settings)
- Market Sentiment Forex Signal Indicator (default settings)
Entry Criteria
Buy Signal
- The WPR Overbought & Oversold Arrow Signals Indicator displays a green upward arrow, indicating an oversold market condition and potential upward reversal.
- The Market Sentiment Forex Signal Indicator shows a “Long” signal, confirming bullish market sentiment.
- Enter a buy trade at the close of the signal candle.
Sell Signal
- The WPR Overbought & Oversold Arrow Signals Indicator displays a red downward arrow, indicating an overbought market condition and potential downward reversal.
- The Market Sentiment Forex Signal Indicator shows a “Short” signal, confirming bearish market sentiment.
- Enter a sell trade at the close of the signal candle.
Trade Management
- Stop Loss: Place a stop loss 3 pips below the most recent swing low for buy trades, or above the most recent swing high for sell trades.
- Take Profit: Utilize your preferred take profit method, such as a fixed pip target or trailing stop.
- Risk Management: Risk no more than 1-2% of your trading capital on a single trade.
Why Combine WPR Arrows Indicator with Market Sentiment?
The WPR Overbought & Oversold Arrow Signals Indicator provides timely signals based on overbought and oversold conditions, which can indicate potential market reversals.
However, these signals are more reliable when aligned with the prevailing market sentiment.
The Market Sentiment Forex Signal Indicator tracks the ratio of bullish versus bearish market participants, offering insights into the overall market bias.
By combining these tools, traders can filter out low-probability trades and focus on setups where both technical indicators and market sentiment align, enhancing the overall effectiveness of the strategy.
Adjustable Parameters & Settings
WPR period, buy level, sell level, alerts, colors, style
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: overbought/oversold
FAQ
Does the indicator repaint?
No, the WPR Overbought & Oversold Arrow Signals Indicator calculates signals based on closed bars, so once an arrow appears, it remains fixed. This ensures reliable backtesting and signal tracking.
Can I receive alerts for signals?
Yes, the indicator can be configured to send visual, sound, or push notifications whenever an overbought or oversold arrow appears, helping you stay updated without constantly watching the chart.
Is this indicator suitable for multi-timeframe analysis?
Absolutely. You can apply it to multiple timeframes to observe short-term and longer-term overbought or oversold conditions. This helps confirm trends and spot potential reversals across different trading perspectives.
Final Thoughts
The WPR Overbought & Oversold Arrow Signals Indicator for MT4 is a visually clear and reliable tool for spotting extreme market conditions.
Its non-repainting arrows and alert features make it convenient for both active traders and those who monitor the market intermittently.
The ability to use it across multiple timeframes adds flexibility, making it suitable for a variety of trading strategies.
Incorporate it as a part of a broader analysis system, always applying proper risk management and testing strategies on a demo account first.
