Introduction to the DAT WPR Indicator
The DAT WPR indicator is a forex indicator based on the Williams’ Percent Range. It provides multiple oscillators that determine whether the price is overbought/oversold.
The most important lines are the orange one and the pink one. When they reach 80 level it means the market is overbought and the potential reversal is underway, so you should be looking for sell trades. Similarly, when they reach 20 level it means the market is oversold and the potential reversal is underway, so you should be looking for buy trades.
It fits all kinds of timeframes and currency pairs.
The indicator is a separate window placed just below the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the DAT WPR indicator in MT4?
Copy and paste the dat-wpr-indicator.ex4 or dat-wpr-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The DAT WPR indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
DAT WPR Indicator Free Download
To download the DAT WPR Indicator for Metatrader 4 (MT4) for free just click the button below: