The WPR Fast is a developed trading algorithm that is used to quickly identify the presence or absence of a market trend and find the optimal moment to open a position in a certain period. The indicator is represented on the chart as a histogram, which consists of columns that are colored in a certain color when they are in the zone of levels -1.0 and 1. That is, if the columns are in the zone from 0 to 1, then the zone is positive and the columns have a color with growth value, and the current trend is ascending, and if the columns are in the zone from 0 to -1, then the trend is downward and the columns are colored with the fall value. If there are no columns in any zone in a certain period, then there is simply no trend. Depending on these indicator conditions, namely, after determining the presence of a trend and its direction, a certain position can be opened.
The indicator works equally well on any timeframes, with any currency pairs, so any values can be chosen.
The WPR Fast indicator settings consist of only four input parameters, changing which accordingly affects its overall functioning. However, some sections in its settings, for example Colors, only affect its color scheme, or Levels due to the addition of signal levels to the indicator window, that is, not affect his general work.
- P - indicator calculation period. The default value is 9.
- n1 - period of the number of bars with growth value. The default value is 9.
- n2 - bar periodization value with falling value. The default value is 49.
- CountBars - the number of bars to which the indicator calculations will be applied. The default value is 2000.
The WPR Fast indicator is used in trading to determine the current trend, and after opening a trade in this direction. To do this, it is neededto determine the current trend. The main determinants of the current trend are the histogram columns, namely their location in the negative, from 0 to -1, or in positive, from 0 to 1, as well as, respectively, their color. And depending on the current trend, up or down, a trade is opened. However, if there are no columns in either the positive or negative zone, then a sideways movement is determined in the market, in which it is not worth trading at all.
Signal for Buy trades:
- Several bars of the histogram are located in the zone from 0 to 1, and have a color with a growth value.
On a signal candle, upon receipt of these conditions, a long position can be opened, due to the presence of an uptrend in the market. The position should be closed after the formation of at least one column with a fall value or if they are completely absent. In this case, a trend change is possible, which will allow opening new trades, or its absence, that is, the moment when it should be stopped trading as a whole.
Signal for Sell trades:
- Histogram bars, colored with fall value, are located in the negative zone from 0 to -1.
Upon receipt of such conditions, a short position may be opened on the signal candle. It should be closed after the appearance of at least one column with the opposite value in the indicator window or the temporary absence of any columns. This may indicate a change in the current uptrend or the beginning of a sideways movement, in the period during which the opening of new trades should be suspended.
The WPR Fast indicator is considered a very accurate and efficient trading algorithm, thanks to which it can be quickly and easily opened positions related to trading with the trend. The indicator is also great for use in strategies with additional tools, advisers, indicators, however, it is not denied that it can be used and independently.Before using the indicator, preliminary practice on a demo account is recommended.
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