Watch the testing video here:
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.
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
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