Description:
The %R is an
oscillator that indicates overbought and oversold
states. It is used to determine market entry and exit points. The range of the indicator is 0 to 100. If the indicator is between 0 and 10 you should SELL. If indicator is between 90 and 100 this indicates a BUY opportunity.
Formula:
%R
= (HIGHn - CLOSEn) / (HIGHn - LOWn)
HIGHn is the highest price in the last n intervals.
CLOSEn is last close of the interval.
LOWn is the lowest price in the interval.
Parameters:
Period
- How many Bars used to calculate the
Williams%R on the selected TimeFrame
Arguments:
OHLC
or Output Indicator of another study
Output Indicators:
Williams%R
Example:
Study Name Expanded on
an Intraday Timeframe
I5_Williams%R10)_I5
This study
calculates the Williams%R on a
Intraday 5 minute timeframe over the
last 10 bars
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::Williams%R
