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WPR T3 is a trading algorithm based on a combination of two effective Forex indicators. The indicator is a trend indicator, so trading with it is made accordingly during a certain market trend. With its help, it can not be only easily and quickly determined the direction of the current trend and found the optimal moment to enter the market, but also determined its presence in the overbought or oversold zone. It is represented in the lower window of the price chart in the form of two lines, one of which, the main one, consists entirely of colored dots. Both lines move in a certain direction, crossing each other and signal levels. These indicators factors are the main ones in trading.
The WPR T3 indicator is suitable for any timeframe and currency pair, as it is equally effective when choosing any values.
Input parameters
There are several sections in the settings of the WPR T3 indicator, each of which affects the overall functioning of the indicator. The Input parameters section is responsible for its technical operation, the Colors section is responsible for the color gamut and value thickness, and the Levels section is for adding additional signal levels to the indicator window.
- Wpr period - value of the period of the WPR indicator. The default value is 14.
- T3 period - period of the T3 indicator. The default value is 10.
- -T3 hot - current deviation of T3 indicator values. The default value is 0.7.
- T3 original - parameter responsible for using the original T3 in calculations. The default value is false.
- Wpr ma period - period for smoothing the moving average used by the WPR indicator. The default value is 4.
- Wpr ma method - type of smoothing of the moving average of the WPR indicator. The default value is Simple moving average.
- Overbought level - parameter for the value of the indicator's overbought level. The default value is -25.0.
- Oversold level - the value of the indicator's oversold level. The default value is -75.0.
Indicator signals
Thanks to its convenient visualization, the WPR T3 indicator is very simple and straightforward to use. In order to open a certain trade, the direction of the current trend is first determined. At this point, it should be considered the direction of the lines, their location relative to each other and signal levels, as well as the color the main line. If the conditions responsible for an uptrend match on a certain candle, long positions are opened, if the trend is down, short positions are opened. Regardless of the direction of the trades, they are closed at the moment the current trend changes.
Signal for Buy trades:
- The indicator lines are moving up from the level of -75, while the main line is above the signal line and its points have a color with a growth value.
Upon receipt of such a combination of conditions, and a signal bullish candle, a buy trade can be opened, due to the presence of an uptrend in the current market. It should be closed at the moment the trend direction changes, namely, at the next intersection of the lines with each other or the level -25. At this moment consider opening new trades.
Signal for Sell trades:
- The indicator lines intersect so that the signal line is higher than the main one, which in turn has a color with a falling value. Both lines move from the level -25 to the level -75.
A sell trade can be opened upon receipt of such conditions on a signal bearish candle. These conditions will characterize the presence of a downtrend in the market. It should be closed after receiving a reverse intersection of the lines or reaching the level of -75. At this moment, a change in the current trend is expected, which will allow considering opening new trades.
Conclusion
The WPR T3 indicator is a very effective, yet very simple and convenient trading algorithm that is used for trend trading. The indicator is perfect for use in various trading strategies, while its separate use is not denied. To obtain the necessary trading skills and proper use indicator is recommended preliminary practice on a demo account.
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