The indicator gives trading signals using colored arrows on a chart. The signals are based on the WPR (Williams’ Percent Range) and RSI (Relative Strength Index) technical indicators.
In case the conditions for buying are fulfilled (when WPR >-20 and RSI > 50), lime up arrows are shown, in case the conditions for selling are fulfilled (WPR < -80 and RSI < 50) magenta down arrows appear.
Input parameters:
WPRSIperiod – period for WPR and RSI;
filterUP – depth of WPR > -20 crossing verification;
filterDN – depth of WPR < -80 crossing verification.
This indicator was first implemented in MQL4 and published in CodeBase at mql4.com 05.09.2009.
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