Triple WPR 5-Minute Chart Strategy: How To Capitalize On Contrarian Trade Signals With The Williams Percent Range Indicator?
The Trading Strategy Triple WPR M5 is a trending strategy implemented using only one "Williams Percent Range" indicator. The strategy involves searching for signals to enter the trend. It can be applied to any currency pair on the M5 timeframe.
You can download the WRP (Williams Percent Range) indicator here 100% for FREE.
Apply the WPR indicator three times to the chart of the currency pair. Moreover, make sure that all three indicators are in the same indicator window. Set the ExtWPRPeriod parameter of the first indicator to 14, the second to 50, and the third to 120. Thus, you will get three WPR lines with different periods.
Since this strategy involves the search for signals in a trend, a non-standard approach to using the WPR indicator is used here. The overbought zone is used to enter BUY trades, and the oversold zone is used for SELL positions.
Conditions for open BUY deal
This event with a high degree of probability confirms the continuation of the trend, after which you can make a deal to buy.
Conditions for open SELL deal
The same conditions apply when searching for a sell signal, but with opposite values:
Stoploss and Takeprofit
Stoploss is set at the level of the nearest minimum swing low for a BUY trade and at the level of the closest maximum swing low for a SELL trade.
TakeProfit is one and a half times more than the calculated stop-loss.
Despite the fact that the strategy uses a relatively small timeframe to search for signals, the total number of signals for one trading tool can be small. But since this system is universal and can be applied to a large number of currency pairs, this compensates for the lack in quantity.
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