OPEN-SOURCE SCRIPT
Updated Williams %R - Smoothed
From TradingView's description:
Williams %R (%R) is a momentum-based oscillator used in technical analysis, primarily to identify overbought and oversold conditions. The %R is based on a comparison between the current close and the highest high for a user defined look back period. %R Oscillates between 0 and -100 (note the negative values) with readings closer to zero indicating more overbought conditions and readings closer to -100 indicating oversold. Typically %R can generate set ups based on overbought and oversold conditions as well overall changes in momentum.
What's special?
This indicator adds two additional EMA lines to the original Williams %R indicator. Default EMA lengths are 5 and 13. The result is 2 smoother average lines, which are easier to read.
This indicator includes:
- signals for EMA crosses. EMA crosses can help indicate confirmed trend changes. Default colors are green and red
- signals for trend reversals on the faster EMA line. Default colors are blue and orange
Alerts available for bullish/bearish crossovers and reversals.
Enjoy~~!
Williams %R (%R) is a momentum-based oscillator used in technical analysis, primarily to identify overbought and oversold conditions. The %R is based on a comparison between the current close and the highest high for a user defined look back period. %R Oscillates between 0 and -100 (note the negative values) with readings closer to zero indicating more overbought conditions and readings closer to -100 indicating oversold. Typically %R can generate set ups based on overbought and oversold conditions as well overall changes in momentum.
What's special?
This indicator adds two additional EMA lines to the original Williams %R indicator. Default EMA lengths are 5 and 13. The result is 2 smoother average lines, which are easier to read.
This indicator includes:
- signals for EMA crosses. EMA crosses can help indicate confirmed trend changes. Default colors are green and red
- signals for trend reversals on the faster EMA line. Default colors are blue and orange
Alerts available for bullish/bearish crossovers and reversals.
Enjoy~~!
Release Notes
Fixed offset error on crossover arrows:- changed offset from -1 to 0
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Purchases / Subscriptions / Support - buymeacoffee.com/ptgambler
PayPal - paypal.me/PtGambler
You can reach me privately through my Discord Channel: discord.gg/WMQfaVGyQC
PayPal - paypal.me/PtGambler
You can reach me privately through my Discord Channel: discord.gg/WMQfaVGyQC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Purchases / Subscriptions / Support - buymeacoffee.com/ptgambler
PayPal - paypal.me/PtGambler
You can reach me privately through my Discord Channel: discord.gg/WMQfaVGyQC
PayPal - paypal.me/PtGambler
You can reach me privately through my Discord Channel: discord.gg/WMQfaVGyQC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.