The Williams %R, or Williams Percent Range, is a technical analysis oscillator that measures the level of the close relative to the high-low range over a given period of time. It is primarily used to identify overbought and oversold levels in a market.

Syntax:

Williams[N](close)

This function calculates the Williams %R value. The parameter N specifies the number of periods over which the high, low, and close are considered.

Calculation:

The Williams %R is calculated using the formula:

((High over N periods - Today's Close) / (High over N periods - Low over N periods)) * (-100)

Example:

To calculate the Williams %R for a 14-day period using the closing price, you would use:

Williams[14](close)

Additional Information:

• The Williams %R values range from -100 to 0. A value around -20 is typically considered overbought, while a value around -80 is considered oversold.
• It is important to note that the Williams %R alone should not be used to make buy or sell decisions. Instead, it should be used in conjunction with other indicators and analysis techniques.

This indicator is useful for highlighting potential reversals in price through its identification of extreme conditions in buying or selling activity.