What is the WATR Indicator for MT4?

The WATR Indicator is a technical indicator that uses the Relative Strength Index (RSI) to measure the trend of a particular currency. The WATR Indicator was created by trader and author Rick Falkvinge in 2013, and it can be found on many platforms, including MT4.

WATR Indicator

Download the Free WATR Indicator

The WATR Indicator works best with longer-term charts and is typically used to identify patterns that may indicate an upcoming trend or reversal.

Investors should sell their positions in the corresponding currency pair when the RSI crosses over 50 (+100%) from below (a sign of bearish momentum). Conversely, investors should buy their positions in the corresponding currency pair when RSI crosses back over 50 (-100%) from above (a sign of bullish momentum).

So what does this all mean for you?

If you’re looking to invest in forex currencies, using indicators like the WATR Indicator can help you make more informed decisions about which currencies to trade.

How to use the WATR Indicator for MT4?

To use the WATR indicator on your MT4 platform, first, open your account and click on “Indicators.” From there, you will see a list of all available indicators. Scroll down until you find the “Water” indicator and select it. Next, configure the desired indicator settings and hit OK to apply them. When you are ready to start trading with it, add it to any chart window and wait for signals from the computer system!

WATR Indicator MT4 trading settings

To trade Forex with the help of the Forex WATR indicator, you will need to set up your trading account and get access to your broker’s platform. Once you have established all of these items, it’s time to begin setting up your trading settings.

The first step is to choose a strategy you’d like the indicator to work.

There are four available strategies: trend following (TF), buy and hold (H&H), swing trader (SW), and technical analysis (TA). You can also use custom indicators if you prefer. After choosing a strategy, initiate an initial stop loss in case of an adverse price movement and an acceptable profit target. Ensure both marks are reasonable in light of prevailing market conditions and your risk profile. Finally, select a time frame over which the indicator will operate – daily, weekly, or monthly – depending on how frequently you wish to review data.

WATR Indicator Advantages

Here are some of the main benefits of using the WATR indicator:

-It’s more accurate than most other trading indicators because it considers longer-term trendlines rather than short-term fluctuations.

-It’s easier to use and interpret than many other technical analysis tools, making it suitable for novice traders or those with limited experience trading stocks or currencies.

-Its response time is fast, which makes it ideal for day traders who need access to real-time data.

WATR Indicator Disadvantages

There are a few disadvantages to using the Forex WATR indicator, even though it is one of the most popular forex indicators. First and foremost, it can take time to understand which direction the trend is moving. Additionally, the indicator may falsely suggest that a currency is overvalued or undervalued when there isn’t much evidence to support these claims. Finally, because this indicator relies heavily on stochastic oscillators (a technical analysis), its performance can vary significantly daily and from market to market.

Indicator installation on MT4

To install the WATR Indicator on the MetaTrader 4 (MT4) platform, you can follow these steps:

  1. Download the indicator file in the “.ex4” format.
  2. Open the MT4 platform and go to the “Navigator” window, located at the bottom of the screen by default.
  3. Click on the “Indicators” tab and select “Custom” from the list.
  4. Locate the downloaded indicator file and double-click on it.
  5. The indicator should now be added to the list of available indicators. You can add it to a chart by dragging and dropping it onto the graph or by clicking on the “Insert” menu and selecting “Indicators” and the indicator you want to use.

WATR Indicator mt4

WATR Indicator mt4 free download


The WATR Forex indicator is a popular and versatile tool that can help you make better forex trading decisions. However, there may be better options for novice traders or those with limited experience trading stocks or currencies. Additionally, its performance can vary significantly daily and from market to market.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Telegram Channel | Quora | Reddit

Leave a Comment