HL Cross Signal for WPR – indicator MetaTrader 5

Real Author:

Bigeev Rustem

The HLCrossSig for WPR is considered as a trend indicator, since it is intended for “catching” trends. However, it’s a pretty complex and informative indicator that allows excluding the psychological and emotional influence from trading.

This indicators shows levels for opening positions, setting stop levels, Trailing Stop and Take Profit, what leaves no doubts for a trader whether to perform a deal or not. Avoiding psychological and emotional influence in trading is a key factor for getting a profit on the market.

Input parameters:

//+----------------------------------------------+
//| Input parameters of the indicator            |
//+----------------------------------------------+
input int Supr_Period=6;  // Period of the break through range; the greater is the value, the later and rarer are the signals
input int MA_Period=21;   // Period of the Heiken Ashi variable. Used as an additional filter
input int Risk=0;         // Maximal risk in pips, used for calculation of the level of entering on the basis of a closest MAX/MIN level
input int ATR_Period=120; // АТR period. Used for calculation of volatility.
input double Q=0.7;       // Parameter for placing Take Profit. - A rate of Stop Loss. If = 1, Take Profit = Stop Loss
input int WPR_Period=12;  // WPR period. Used as an additional filter
input int HLine=-38;      // Upper signal line of stop levels for WPR
input int LLine=-62;      // Lower signal line of stop levels for WPR

Displayed elements of the indicator:

1. Up and down arrows are signals for opening the corresponding positions;
2. Circles on crosshairs are points for placing initial Take Profit;
3. Dots are used for confirmation of determined trend. If the price continuously breaks through the levels of these points, one should keep the position as long as it is possible. If points represent a “corridor” for a long period, it is time to fix the profit.;
4. Diamonds are limits for placing Stop Loss and Trailing Stop.