As the name suggests, the WPR Histogram Vol Forex Indicator is a forex volume indicator based on Williams Percentage Rate. It is developed on the following formula: WPR Histogram Vol = ( WPR + 50) * Volume. For understandable reasons, recalculating overbought and oversold levels in such a modified oscillator should be performed using the same formula. In the final version, these levels are no longer permanent. Two levels with the appropriate breakout indication were used.
The WPR Histogram Vol Forex Indicator fits all timeframes and currency pairs. It is displayed in a separate window below the main trading chart. The default settings can be modified directly from the input tab. Feel free to test it with the settings and parameters to fit your preferences.
How can the WPR Histogram Vol Forex indicator be set up in MetaTrader (MT5)?
Installation Guide
Download the WPR Histogram Vol.zip archive at the end of this post, unpack it, then copy and paste the WPR Histogram Vol.ex5 or KWPR Histogram Vol.mq5 indicator files into the MQL5 folder of the MT5 trading platform.
You can gain open this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators.
Now go to the left side of your forex MT5 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.
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Bottom Line
The WPR Histogram Vol indicator is worth adding to your forex trading collection. An accurate forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical forex analysis tool, it cannot always provide accurate signals. Thus, this forex indicator provides false entry signals occasionally. Its performance will change significantly depending on forex market conditions. Feel free to develop your forex trading system based on it. Don’t forget that we still have more great free forex indicators to try.
