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