WPR Smooth Histogram MTF Indicator

MT4 Free Download

Introduction to the WPR Smooth Histogram MTF Indicator

The WPR Smooth Histogram MTF Indicator 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.

The WPR Smooth Histogram MTF Indicator fits all kinds of timeframes and currency pairs. It is displayed in 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 does it work? How to apply in trading?

Trading Rules Explanation

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

WPR Smooth Histogram MTF Indicator Example of Buy Trade

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

WPR Smooth Histogram MTF Indicator Example of Sell Trade

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the WPR Smooth Histogram MTF indicator in MT4?

Installation Guide

Download the WPR Smooth Histogram MTF.rar archive at the bottom of this post, unpack it, then copy and paste the WPR Smooth Histogram MTF.ex4 or WPR Smooth Histogram MTF.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.

Bottom Line

The WPR Smooth Histogram MTF indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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.