Williams’%R is an overbought / oversold indicator. Values -80 and -20 can be used as limits to detect overbought and oversold situations.
Nevertheless, it is better to wait for a change in the price direction, which can be detected for instance through MACD indicator analysis, before buying or selling.
Note that when %R makes a peak and reverses, a price decline often takes place.
This indicator is already available in the platform as a built-in instruction: http://www.prorealcode.com/documentation/williams/ , but the code isn’t available and it was requested in french forum, so here it is.
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//PRC_WilliamsRpercent //01.09.2016 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge period = 14 hh = highest[period](high) ll = lowest[period](low) Wp = ((hh-close)/(hh-ll))*-100 return Wp as "Williams R percent", -20 as "-20 level", -80 as "-80 level" |
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. Just thought i might add this dual version W%R , one is based high of bar and other low of bar unlike the generic based on close . I find it very handy and thought some others may also . CAN i add ITF file here ?? for some reason the dose seems to go missing when i add it ..
Thank you but no sorry. Still have some trouble with the comments system. I will fix it soon.
Come posso modificare il codice in modo da poter cambiare a piacimento il numero di periodi?? avrei bisogno di più indicatori con taratura diversa nella stessa finestra
period = 14
a posto di 14 scrivi np
poi crei una variabile con lo stesso nome