Thank you Mrtools & pfxi.
For counter-trend trading, here is a settings template that can produce solid reversal signals that I'd like to share.
- Deviation With Sample Correction: On
- WPR Period: 100
- Arrows On Exiting OB/OS Areas On
- Adaptive Price to use: Close
As we all know, when traditional oscillators give us signals of reversals, these are usually too early. These particular settings will help identify reversal signals by only showing us when WPR is exiting the OB/OS (Overbought/Oversold) zones. The extended WPR length makes the indicator a tad slower but filters the early signals without too much lag.
Please try them