Williams Percent Range is a popular technical indicator that falls into the category of indicators called oscillators. It is similar to the Stochastic indicator but it excludes the “smoothing” component and it uses a reversed scale. Traders use the Williams Percent Range indicator to spot overbought and oversold market conditions, which, in most cases, are used to forecast reversals in market trends.
What does this app do?
The Momentum Trader 1 expert advisor (EA) is an automatic trading strategy that makes buying and selling decisions based upon the Williams Percent Range indicator.
A signal to buy is created when the Williams Percent Range indicator rises above the WPR_Upper_Level, defined by the user in the EA’s properties window. The EA waits until the current chart candle has closed and then creates a buy trade.
A signal to sell is created when the Williams Percent Range indicator falls below the WPR_Lower_Level, defined by the user in the EA’s properties window. The EA waits until the current chart candle has closed and then creates a sell trade.
This EA does not use stops or limits to manage trades. Instead, buy trades are closed when a new sell signal is created, and sell trades are closed when a new buy signal is created. Because the Williams Percent Range indicator is an oscillator, this EA is always either long or short. However, only one trade will be open at a time.
The following inputs are available in the EA’s properties window and can be defined by the app user:
• MagicNumber: A unique identifier that allows the EA to account for and manage its trades
• LotSize: The trade size, defined in lots, for each new trade created
• MaxDeviation: The maximum slippage allowed, in pips, for each new trade created
• WPRange_Period: The number of periods used to calculate the Williams Percent Range
• WPR_Upper_Level: The indicator level that determines when a buy signal is created
• WPR_Lower_Level: The indicator level that determines when a sell signal is created
This Expert Advisor (EA) is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. Additionally, an FXCM account is required (including free FXCM demo accounts).
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