Williams %R with Bollinger Bands
Info
The Williams %R with Bollinger Bands is a Indicator for MetaTrader 5 that williams %r, also known as wpr or simply %r, is a technical analysis oscillator that compares the current closing price to the high and low of the past n days (for a given n). It was developed in 2026 to indicate whether a stock or commodity market is trading near its recent high, low, or somewhere in between.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Williams %R with Bollinger Bands
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Williams %R, also known as WPR or simply %R, is a technical analysis oscillator that compares the current closing price to the high and low of the past n days (for a given n).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Opening Gap Tracker: Daily, Weekend Gaps with Fill Tracking and Alerts - another powerful indicator for MetaTrader 5 traders.
Williams %R, also known as WPR or simply %R, is a technical analysis oscillator that compares the current closing price to the high and low of the past n days (for a given n). It was developed in 2026 to indicate whether a stock or commodity market is trading near its recent high, low, or somewhere in between.Also recommended: ICT Model Tracker: Sweep, MSS, and FVG Analysis with Performance Statistics - similar indicator with strong performance on MetaTrader 5.
This oscillator operates on a negative scale, ranging from -100 (lowest) to 0 (highest), which is the inverse of the more common 0 to 100 scale used in many technical analysis oscillators. A value of -100 indicates that today's close was the lowest low of the past n days, while 0 means it was the highest high. (Sometimes, the %R is adjusted by adding 100.)
You may also like: Line Master: Advanced Trend Lines with Change Signals - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.