The WPRslow indicator is a valuable tool for traders looking to gauge the long-term market sentiment. Based on Larry Williams' original oscillator, the %R (Williams’ Percent Range), this indicator provides insights into whether the market is leaning towards bullish or bearish conditions.
When you see red dashes on the histogram, it's a clear signal that the market is in a bearish mood. Conversely, blue dashes indicate a bullish mood. This simple color scheme makes it easy to quickly assess market conditions at a glance.
For optimal results, it’s recommended to use the WPRslow indicator alongside the WPRfast indicator. Here’s a quick strategy:
- Short Position: Open a short position when both histograms show red dashes.
- Long Position: Look for blue dashes on both histograms before entering a long position.
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