The Williams %R (WR) was developed by Larry Willams. WR is a momentum indicator that shows the current closing price in relation to the highest and lowest price of the past N days. The user may change the period length. This indicator’s definition is further expressed in the condensed code given in the calculation below.
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How To Trade Using Williams %R
The WR is a momentum indicator. Adjust the top and bottom guides to control the quantity and quality of the trading signals. If the WR crosses above the top guide a sell signal will be generated. Conversely, if the WR crosses below the bottom guide a buy signal will be given.
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Go to the top menu, choose Study>General>Williams %R
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//period = user defined, default is 14
//index = current bar number
// Find the highest high and lowest low over the period highest = highest(index, period, HIGH); lowest = lowest(index, period, LOW); WR = ((high - close) / (high - low)) * (-100); // Signals buy = crossedAbove(WR, topGuide); sell = crossedBelow(WR, bottomGuide);