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Rules
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Specification
Williams percentage range (WPR) EA
Name: WPRKISS
1. The idea of the trading system is as follows:
Two levels or percentage levels are set on the WPR indicator. When the WPR signal line crosses and closes above the lower level then a buy trade in opened. When the WPR signal line crosses and closes below the higher percentage level then the trade will be closed. Opposite will be for sell trades.
Indicators
Williams’s percentage range (Standard MT5 indicator).
Period must be able to be set, we will use the standard period of 14 in all below examples.
Settings
For Buy trades must be able to set low percentage level to open the trade and set a high percentage level to close the trade. (The high and low could be the same level)
For Sell trades must be able to set high percentage level to open the trade and set a low percentage level to close the trade. (The high and low could be the same level)
Long trade (True) will only allow buy trades
Short trade (True) will only allow sell/short trades
If both short and long trades are set to true then trades in both directions will be placed
Stop loss: Set 0 if not used, If used then set SL with points. (Trade will be closed if stop loss is hit or if WPR level is crossed on candle close).
Take profit: Set 0 if not used, If used then set TP in Points. (Trade will be closed if Take profit is hit or if WPR level is crossed on candle close).
Rules to buy or go long:
As per Figure 1
In this case the Low level and high level of WPR are both set to -35.
1. When the WPR signal line crosses up the -35 level (Low level)
2. Then on candle close or next candle open a buy trade will be placed.
3. WPR signal line crosses down the -35 level (High Level)
4. When the candle closes and WPR is below the -35 level then the trade will be closed.
Rules to sell or go short:
As per Figure 2
In this case the Low level is set to -60 and the high level of WPR -50.
1. When the WPR signal line crosses down the -50 level (High level)
2. Then on candle close or next candle open a sell trade will be placed.
3. WPR signal line crosses up the -60 level (Low Level)
4. When the candle closes and WPR is above the -60 level then the trade will be closed.
Generel
Must be able tp work on Synthetic indices, Forex