Indicators: WPR Candles

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WPR Candles:

This indicator is a variation of a well known WPR (Williams Percent Range) indicator.

It is calculating a sort of 4 WPR values:

  • WPR of Open.
  • WPR of Close.
  • WPR of High.
  • WPR of Low.

Those 4 values are then combined into "candles". The calculation is not using the original WPR calculation. Instead it is adjusted to be able to calculate these 4 values. As a result 2 significant levels are now available.

  • Level 0 (which unlike the original WPR, can be crossed up in this version).
  • Level -100 (which unlike the original WPR, can be crossed down in this version).

That way, by observing the levels, possible overbought and oversold states can be assessed.

Author: Mladen Rakic

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