If we are talking about new filter so this indicator may be good one: I_XO_A_H . I just modified this indicator to work for 5 digit broker (what is why ..._5d). This indicator is used for Scalp_net system (my system :) ) for the long time.
PS. I uploaded this indicator as zip archive version our forum is not allowing to have "_" in the name of indicator sorry.
Example - this sell trade is confirmed
MetaTrader Trading Platform Screenshots
EURUSD, H4, 2013.03.30
Alpari NZ Limited, MetaTrader 4, Demo
eurusd h4 confirmed
The other indicator which may be good filter is STIX (this is famous indicator working on oversold/overbought levels) - example (indicator is attached):
eurusd h4 stix
And next filter - default Stochastic indicator with the settings 14/5/5, price close, MA method simple (working on the same way as STIX - sell from 60 - 80 level and buy is confirmed if indicator is below 50 - 20 or 30 or 40 as an optional one):
Did you know that Stochastic and WPR are exactly the same ? Only difference is scaling.
EURUSD, H1, 2013.04.01
Alpari Financial Services Ltd., MetaTrader 4, Demo
Yes, WPR and Stochastic are having similar formula for calculation and both are used for measures overbought/oversold levels. But stochastic indicator is usually used for overbought/oversold in many EAs by many versions of indicator. But WPR - not sorry. I mean: Stochastic indicator is practically used for almost everywhere.
Just an example: 3 indicators with same settings
Just an example - compare in CodeBase about
how many WPR indicator (10) vs how many Stochastic indicators (100 stoch related indies)
Stochastic indicator (Sto.chas.tic - sto kas'tik) was invented by C. Ralph Dystant (1902-1978) and George C. Lane (1921-2004). WPR was invented by Larry Williams but he uses Stochastic in some cases as an example of WPR :)
But Stochastic is more developed by many versions and more used than WPR for example.
Yes. And ???
I don't know which came first, Stochastic or WPR, but all information given by WPR as available within Stochastic, so why create another indicator ? One may wonder how much of these indicators in the codebase actually brings something new.