Mastering the Delta_WPR Indicator for MetaTrader 5: A Trader's Guide

Meet the Delta_WPR Indicator

Author: Tor

Are you looking to elevate your trading game? The Delta_WPR indicator for MetaTrader 5 might just be the tool you need! This trend analyzer combines the power of two Williams Percentage Range (WPR) oscillators with different timeframes to help you make informed trading decisions.

How It Works

The Delta_WPR indicator is designed for traders who analyze two WPR indicators—one fast and one slow. By examining their relative positions and the slow WPR's placement against a specified level (like 50), you can gain insights into market trends.

If the slow WPR is above 50 and the fast WPR is also higher than the slow WPR, the histogram turns a vibrant overbought color.
Conversely, if the slow WPR dips below 50 and the fast WPR is less than the slow WPR, the histogram displays an oversold color.

Customization Options

This indicator is highly customizable, allowing you to tweak the following settings:

Colors
Signal level (default is -50)
Periods for both the fast and slow WPR
Histogram display type

Indicator Parameters

//+----------------------------------------------+
//| Indicator input parameters                    |
//+----------------------------------------------+
input TypeGraph  // Type graph
input uint WPRPeriod1=14; // Fast WPR Period
input uint WPRPeriod2=30; // Slow WPR Period
input int Level=-50; // Signal Level
input int Shift=0; // Horizontal indicator shift in bars

Buffer Breakdown

The Delta_WPR indicator features five buffers that you can utilize:

0 — Main indicator buffer
1 — Color indicator buffer with three different color states
2 — Fast WPR
3 — Slow WPR
4 — Difference between the two WPRs (MACDWPR)

Visual Insights

Check out the visuals below to see the Delta_WPR in action:

Fig1. Full histogram of the Delta_WPR indicator

Fig.2. Shortened histogram of the Delta_WPR indicator