Technical Indicators for MetaTrader 5

Setup 91 Larry Williams

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Information

Indicators
MetaTrader 5
5
Luigi Nunes Labigalini
15 June 2020
1

Overview

Buy and sell signals based on Larry Williams's exponential moving average strategy 9.1 for trend reversals.

Who is he?
Larry Williams is an American stock and commodity trader, author of 11 books and creator of indicators such as the "Williams%R" and the "Ultimate Oscillator", with over 60 years of trading experience.
Won the 1987 World Cup Championship of Futures Trading, turning $10,000 to over $1,100,000 in 12 months with real money. Ten years later, his daughter Michelle Williams won the same competition.

How does the indicator work?
The indicator activates the buy and sell signal when their respective conditions are met. For that, we need a candle turning the 9 period EMA and closing on its opposite side.

How to use it?
One way of using it, proposed by Larry Williams, is to enter a trade with a buy stop order one tick above the high of the candle with the buy signal, placing the stop loss order one tick below the candle's low. When there's a sell signal instead, place a sell stop order one tick below the low of the candle with the sell signal, and a stop loss one tick above the candle's high.
If the entry stop order is not filled on the next candle, you can cancel it and wait for another signal.
If filled, it is possible then to trail the stop loss order based on the 9 period EMA and exit the trade when there's a new opposing signal to get the most profit of the new trend.

Tips:
Great for early entries on big reversals. Just be careful with it inside narrow sideways ranges.

Features you can edit to your preference:
- Distance between the arrow signals and the candle's high/low
- Type of the Buy and Sell signal arrows, based on the Wingdings font
- Color and size of the Buy and Sell signal arrows
- Color, thickness and style of the exponential moving average

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