This indicator is based on WPR (Larry Williams’ Percent Range, %) and its multiple signal lines analysis. Signal lines calculation algorithm is as follows. We have indicator input parameters as source data:
- StartLength – minimum initial value of the first signal line;
- Step – period change step;
- StepsTotal – number of period changes.
Any period value from the multitude of signal lines is calculated using arithmetic progression:
SignalPeriod(Number) = StartLength + Number * Step,
where the value of Number variable ranges from zero to StepsTotal. Obtained values of the periods are added to the variables array and are used at each indicator tick to get the array of smoothed Larry Williams’ Percent Range indicator values. Directions of the current trend for each of the smoothings are calculated and also the number of positive and negative trends for the whole array of WPR smoothed values is determined. The final number of positive and negative trends is smoothed in its turn and used as the indicator lines that form a color cloud displayed with the help of the DRAW_FILLING style class.
A trend direction in this indicator is determined by the cloud color, while its power is determined by the cloud width. You can use the overbought (UpLevel) and oversold (DnLevel) levels that are set in percent value from the indicator maximum amplitude.
Smoothing algorithms can be selected out of ten possible versions:
- SMA – simple moving average;
- EMA – exponential moving average;
- SMMA – smoothed moving average;
- LWMA – linear weighted moving average;
- JJMA – JMA adaptive average;
- JurX – ultralinear smoothing;
- ParMA – parabolic smoothing;
- T3 – Tillson’s multiple exponential smoothing;
- VIDYA – smoothing with the use of Tushar Chande’s algorithm;
- AMA – smoothing with the use of Perry Kaufman’s algorithm.
It should be noted that Phase1 and Phase2 parameters have completely different meaning for different smoothing algorithms. For JMA it is an external Phase variable changing from -100 to +100. For T3 it is a smoothing ratio multiplied by 100 for better visualization, for VIDYA it is a CMO oscillator period and for AMA it is a slow EMA period. In other algorithms these parameters do not affect smoothing. For AMA fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power is also equal to 2 for AMA.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
Place the SpearmanRankCorrelation indicator compiled file to the terminal_data_folder\MQL5\Indicators\.
Indicator input parameters:
//+----------------------------------------------+ //| Indicator input parameters | //+----------------------------------------------+ input int WPR_Period=13; // WPR indicator period //---- input Smooth_Method W_Method=MODE_JJMA; // Smoothing method input int StartLength=3; // Initial smoothing period input int WPhase=100; // Smoothing parameter //---- input uint Step=5; // Period change step input uint StepsTotal=10; // Number of period changes //---- input Smooth_Method SmoothMethod=MODE_JJMA;// Smoothing method input int SmoothLength=3; // Smoothing depth input int SmoothPhase=100; // Smoothing parameter //---- input uint UpLevel=80; // Overbought level, % input uint DnLevel=20; // Oversold level, % input color UpLevelsColor=Blue; // Overbought level color input color DnLevelsColor=Blue; // Oversold level color input STYLE Levelstyle=DASH_; // Levels style input WIDTH LevelsWidth=Width_1; // Levels width
MT5 Indicator – Download Instructions
UltraWPR is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
UltraWPR provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install UltraWPR.mq5?
- Download UltraWPR.mq5
- Copy UltraWPR.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on UltraWPR.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator UltraWPR.mq5 is available on your Chart
How to remove UltraWPR.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: