WP R Custom
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use WP R Custom
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.
Description & Settings
The following characteristics were made input parameters:
color of the indicator main line
width of the indicator main line
values of the two indicator levels
Why was this done
When testing EAs using iWPR (Williams’ Percent Range, %R) standard indicator, the picture is always far from promising: the indicator color cannot be changed (#1) and, most importantly, the level values are always the same (#2)!
At the same time, the EA based on iWPR can use the levels "-25" and "-75", but only the levels that are strictly fixed in the indicator itself ("-20" and "-80") will be shown during visual testing. This display seemed inconvenient to me, therefore some settings were made to the input parameters.
Now, after being called from the EA, the indicator levels exactly match the trading system. Example of calling
WPR Custom
implemented in the EA, MQL5 code
and the result of a display in the strategy tester:
