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Published:

2018.10.25 15:03

WILL_VAL.mq5 (17.29 KB) view

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Larry Williams' WILL VAL oscillator.

It has six input parameters:

Instrument - instrument name, relative to which the calculation is made
First EMA period - first exponential smoothing period
Second EMA period - second exponential smoothing period
Period - indicator calculation period
Overbought - overbought level
Oversold - oversold level

Calculation:

WV = 100.0 * (Value - Min) / (Max-Min)

where:

Value = MA1-MA2
MA1 - EMA(Price, First EMA period)
MA2 - EMA(Price, Second EMA period)
Max, Min - maximum and minimum 'Value' values in the Period range
Price = Close(Current Instrument) / Close(Instrument)

Keep in mind that the indicator needs to upload history data of a selected instrument during the first launch or when changing 'Instrument'. If the re-drawing does not occur quickly or the indicator is displayed incorrectly, simply switch the chart timeframe to accelerate the process and obtain a correct display.