WPR Smooth Histogram MTF Indicator
Platform: MT4 Type: Momentum Last update: July 30, 2024The WPR Smooth Histogram MTF Indicator for MT4 is a forex trading indicator based on the Williams’ Percent Range determining forces of bulls and bears in the market. As the name suggests, this is a histogram so the trading signals are represented in the form of histogram bars.
Moreover, this is smoothed forex indicator making the provided signals much less noisy. Don’t forget it is an MTF (multi time frame) indicator, so you can choose a custom time frame of signals while being active in a different time frame chart. Overall it is a pretty good tool suitable for both beginners and advanced forex traders.
How does it work? How to apply in trading?
The WPR Smooth Histogram MTF Indicator works to determine if the market trends are bullish or bearish. When the histogram bar value is above 0 and colored blue, it means the trend is considered bullish. Conversely, the histogram bar value is below 0 and colored pink, it means the trend is considered bearish. Take a look at the detailed instructions below.
Buy Signal
Follow these steps for a long trade:
- WPR Smooth Histogram MTF bars switch from pink to blue
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last swing low of the market
- Take profit or exit trade whenever the WPR Smooth Histogram MTF provides opposite signal or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- WPR Smooth Histogram MTF bars switch from pink to blue
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last swing high of the market
- Take profit or exit trade whenever the WPR Smooth Histogram MTF provides opposite arrow or use your own method of trade exit
