Williams Percent R Alert
- Indicators
- Version: 2.0
- Updated: 16 July 2021
- Activations: 5
For This Indicator 'WL Percent R'
This indicator is an upgrade of traditional Williams %R on MT4.
1. Up trend : indicator is above -50 and strong trend is above -20.
2. Down trend : indicator is below -50 and strong trend is below -80.
How to use...
1. You can be customize color and level of indicator.
2. You can be customize alert and define alert on next bar or instant bar.
Williams Percent R (Williams %R)
Williams %R, also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels.
The Williams %R may be used to find entry and exit points in the market. The indicator is very similar to the Stochastic oscillator and is used in the same way. It was developed by Larry Williams and it compares a stock’s closing price to the high-low range over a specific period, typically 14 days or periods.1
What Does Williams %R Tell You?
The indicator is telling a trader where the current price is relative to the highest high over the last 14 periods (or whatever number of lookback periods is chosen).
When the indicator is between -20 and zero the price is overbought, or near the high of its recent price range. When the indicator is between -80 and -100 the price is oversold, or far from the high of its recent range.
During an uptrend, traders can watch for the indicator to move below -80. When the price starts moving up, and the indicator moves back above -80, it could signal that the uptrend in price is starting again.
The same concept could be used to find short trades in a downtrend. When the indicator is above -20, watch for the price to start falling along with the Williams %R moving back below -20 to signal a potential continuation of the downtrend.
