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WPR Slow mtf is a trading algorithm, the calculations of which are based on a modification of the standard Forex indicator WPR Slow with a slowdown of calculations, which serves to smooth them out, as well as adding the function of using the indicator in multi-timeframe mode. Its calculations are aimed at determining the presence of a trend and its strength and the current direction. The indicator is presented in the lower window of the price chart in the form of a histogram that changes color and direction depending on current market conditions. Taking into account the indicator values, information about the trend is determined, and at the same time the moment of opening a certain trade.
The WPR Slow mtf indicator is suitable for use with any currency pairs on any timeframe. Please note that the indicator is suitable for use in multi-timeframe mode.
Input parameters
In the settings of the WPR Slow mtf indicator there are several sections responsible for its general functioning. Thus, the Input Parameters section is responsible for its technical operation, the Colors section is responsible for its general visualization, while the Levels section is used to add signal levels to the indicator window.
-TimeFrame - parameter for using the trading timeframe. The default value is current.
-P - period of indicator calculations. The default value is 54.
-n1 - the period of the indicator’s fast deceleration value. The default value is 9.
-n2 - slow period for slowing down indicator calculations. The default value is 49.
Indicator signals
The WPR Slow mtf indicator is very easy to use thanks to its visualization, which allows using the indicator in the same way as similar histogram indicators. To open a trade,it should be taken into account the presence of a trend, as well as its strength and direction, which in turn are determined taking into account the color and direction columns of the histogram. If the current market trend is upward, buy trades are opened, if the trend is downward, sell trades are opened. When the current trend changes, trades are closed.
Signal for Buy trades:
- At least three columns of the indicator histogram have a color with the growth value and are directed upward, above level 0.
When such conditions are received on the signal candle, a buy trade can be opened due to the presence of an uptrend. When the current trend changes, namely when opposite conditions are received, the current trade should be closed and a new one should be considered.
Signal for Sell trades:
- The indicator histogram has a color with a fall value and is directed below level 0.
A sell trade can be opened upon receipt of such conditions. At this moment, a downward trend is determined in the market. At the moment the opposite conditions are received from the indicator, the trade should be closed. At this moment, a change in the current trend is possible, which will allow us to consider opening new trades.
Conclusion
The WPR Slow mtf indicator is very effective, since its calculations are based on the use of an indicator whose accuracy has been tested over time. Before using the indicator on a real deposit, practice on a demo account is recommended.
