If you're looking to sharpen your trading strategy, the Wilson Relative Price Channel (WRPC) indicator for MetaTrader 5 is worth a closer look. This powerful tool is built on the classic Relative Strength Index (RSI) and divides the market into three distinct zones: overbought, oversold, and neutral. It’s particularly effective when used on higher timeframes, starting from the Daily chart.
Here’s a quick breakdown of the 9 input parameters you can customize:
- Channels Period: This sets the timeframe for calculating the channels.
- Smoothing Period: Adjust this to smooth out the indicator's signals.
- Overbought Level: This defines the RSI level considered overbought.
- Upper Level of Neutral Zone: This is the threshold for the upper limit of the neutral zone, equating to the lower boundary of the overbought zone.
- Lower Level of Neutral Zone: This sets the lower limit of the neutral zone, matching the upper boundary of the oversold zone.
- Oversold Level: This marks the RSI level deemed oversold.
- Applied Price: Determines the price used for the RSI calculation.
- Color of Overbought Zone: Choose the color for the overbought zone cloud.
- Color of Oversold Zone: Select the color for the oversold zone cloud.
Fig. 1: WRPC on the Daily Chart
Fig. 2: WRPC on the Weekly Chart
Fig. 3: WRPC on the Monthly Chart
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