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Multiple WPRs With Signal Filter

This is a BUY/SELL indicator with voice alert based on one or multiple (maximum of 4) WPRs (Williams Percent Range). Buy and Sell signals display can be filtered by a configurable Moving Average or user entered up or down Trend Line. The indicator works in all timeframes and all currencies and it is intended to generate Buy/Sell signals based on Oversold/Overbought conditions in multiple timeframes through the configuration of the maximum four WPRs. Number of WPRs used by the indicator (maximum of 4) is set by the user through an input parameter.

The BUY or SELL signal is triggered when all defined WPRs are in Oversold or Overbought area based on the user defined Oversold or Overbought levels and the input WPR used also as signal trigger crosses above or below the Oversold or Overbought level.

Buy and Sell signals displayed can be filtered based on a user defined MA or a user entered up or down trend line. The filter can use just the simple MA or Trend Line and display the Buy signal if it is above the MA or the Trend Line up and display the Sell signal if it is below the MA or below the trend line down. MA and Trend Line filters can also use price band ranges and display the Buy signal if it is in the upper band above the MA or trend line up and display the Sell signal if it is in the lower band below the MA or trend line down. Price range band is user configurable based on a fixed ATR (14 period, shift = 1), percent or number of points.


Recommendations on usage

The strategy to use the indicator is simple, open a BUY order when the buy signal is triggered displaying the up arrow on the chart and open a SELL order when the sell signal is triggered displaying the down arrow on the chart. It is not recommended to use this indicator alone... You should combine it with other indicators, support/resistance, candlestick patterns, etc. to make your Buy or Sell decision. Try to set the WPR periods to mimic multiple timeframes. For example, test it on 15 Min chart with 12, 48, 192 and 1152 WPRs.


Inputs

Main settings

  • No of WPRs to use for signal, max = 4 - you can use 1, 2, 3 or 4 - (default = 4)
  • No of periods first WPR, used also as signal trigger (default no of periods for first Williams Percent Range = 12)
  • No of periods second WPR (default = 48)
  • No of periods third WPR (default = 192)
  • No of periods forth WPR (default = 1152)
  • Overbought level value (default = - 20)
  • Oversold level value (default = - 80)
  • Enable voice alert when signal is triggered (true or false)

Signal Filter Settings

  • Use signal filter (0 - No Filter, 1 - MA Filter, 2 - TL Filter)
  • No of periods for MA Filter (default = 200)
  • MA method for MA Filter (default = MODE_EMA)
  • Applied price for MA Filter (default = PRICE_CLOSE)
  • Use price range band for filter (For 1-ATR band, period=14, shift=1 values are used) - 0 - NO price band, 1 - ATR band, 2 - Pct band, 3 - Points band
  • Percent to use for price band (double, default = 0.1)
  • No of points to use for price band (points, default = 50)
  • Name of the up trend line (default = "tlup")
  • Name of the down trend line (default = "tldown")

Author

George Cosoveanu - george_57@yahoo.com

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