iWPR+ MT4 Indicator is a swing trading indicator, used to identify the overbought/oversold area of the market. This indicator demonstrates the signals in a similar fashion of Stochastic Oscillators but implies a greater simplicity in trading forex currencies. Since it is a scalping indicator, it works well on shorter timeframes within the forex MT4 trading platform.
iWPR+ MT4 Indicator is applicable to trade all kinds of forex currency pairs available in the market. Besides, it can be added to other swing trading strategies for greater accuracy in trading.
iWPR+ MT4 Indicator Overview
Download and install Indicator on your MT4 terminal. Once you’re done, your trading chart will appear like the following image:
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iWPR+ MT4 Indicator Explanation
iWPR+ MT4 Indicator signals the overbought/oversold conditions of the market in a pretty straightforward way which can be an extra advantage for the newbie traders as well. Its value hits below its level at 20 signals for the oversold market.
On the other hand, its index moves above the 80-level represent the overbought area of the market. Whenever it confirms an overbought or oversold market, you need to look for a possible swing area of the market and enter the trade within the swing direction of the market.
You may apply any simple trend-following forex trading indicator along with it for a better confluence in trading.
iWPR+ MT4 Indicator: Buy Conditions
- iWPR+ drops below its 20-level and bounces upwards
- Price candle closes as a bullish bar at the same time
- Buy triggers the break of the respective bullish candle’s high
- Set stop loss above the high of the signaling bar
- Exit long/take profit whenever the indicator value drops from its 80-level
iWPR+ MT4 Indicator: Sell Conditions
- iWPR+ moves its 80-level and drops downwards
- Price candle closes as a bearish bar at the same time
- Sell triggers the break of the respective bearish candle’s low
- Set stop loss below the low of the signaling bar
- Exit short/take profit whenever the indicator value rises from its 80-level