Modified Williams Percent Range Forex Indicator
The i_daywpr_v1_1 indicator for MetaTrader4 is a modified Williams Percent Range indicator, whereby the indicator’s period is automatically calculated via the number of bars of the current day. Traders use the i_daywpr_v1_1 indicator in making intraday trading decisions.
The “Williams Percent Range”, or “%R”, indicator which is the core of the i_daywpr_v1_1 indicator is one of the most popular oscillator and has an strange ability to signal reversal a period or more ahead. The i_daywpr_v1_1 in essence can be used in determining overbought and oversold conditions, as well as reversals in the market.
The values of the i_daywpr_v1_1 indicator fluctuates between zero and “-100” hence it is classified an “oscillator.” Horizontal lines are drawn on the indicator at the -20 and -80 levels as warning values. If the i_daywpr_v1_1 indicator shoots values between -80 and -100, it is said to be in an oversold condition, while reading of between -20 and 0 are tagged overbought price zone.
Place buy positions when the i_daywpr_v1_1 indicator starts to rise from the -20 level i.e. the oversold conditions and equally enter a sell position when the i_daywpr_v1_1 indicator starts to decline dip from the -80 level or overbought conditions. It is also possible to deploy the i_daywpr_v1_1 indicator in trading divergences.
The default setting of the i_daywpr_v1_1 indicator has the “DaysForCalculation” set at “2” and you can tinker with this value to suit your trading preference.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (DaysForCalculation), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day