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Williams %R Intensity

Overview
"Williams %R Intensity" is a unique indicator that combines the classic Williams %R with a dynamic intensity-based visualization. This indicator helps traders identify overbought and oversold conditions with enhanced clarity while also predicting potential future crossovers using smoothed slope calculations. It is tailored for traders seeking a more nuanced approach to trend detection and momentum analysis.
Features and How It Works
Core Calculation:
Williams %R: Measures the current closing price relative to the highest high and lowest low over a user-defined length (default: 14).
Exponential Moving Average (EMA): Smoothens the %R values for better trend tracking (default length: 14).
Overbought/Oversold Zones:
Upper and lower threshold levels are set at -20 (overbought) and -80 (oversold), making it easier to identify extreme conditions.
Intensity Visualization:
Crossover Signals:
The background color changes (lime for bullish, red for bearish) to highlight these critical moments when enabled via the "Show Cross & Predicted Cross Signal" option.
Future Cross Prediction:
How to Use
Chart Information
For clarity and compliance with publishing standards:
"Williams %R Intensity" is a unique indicator that combines the classic Williams %R with a dynamic intensity-based visualization. This indicator helps traders identify overbought and oversold conditions with enhanced clarity while also predicting potential future crossovers using smoothed slope calculations. It is tailored for traders seeking a more nuanced approach to trend detection and momentum analysis.
Features and How It Works
Core Calculation:
Williams %R: Measures the current closing price relative to the highest high and lowest low over a user-defined length (default: 14).
Exponential Moving Average (EMA): Smoothens the %R values for better trend tracking (default length: 14).
Overbought/Oversold Zones:
Upper and lower threshold levels are set at -20 (overbought) and -80 (oversold), making it easier to identify extreme conditions.
Intensity Visualization:
- The intensity is calculated based on the absolute distance between Williams %R and its EMA.
- The closer the value is to extreme levels, the more pronounced the visual intensity, capping at 90% transparency.
- Overbought conditions are highlighted in red; oversold conditions in teal.
Crossover Signals:
- Bullish Cross: When Williams %R crosses above its EMA in the oversold zone.
- Bearish Cross: When Williams %R crosses below its EMA in the overbought zone.
The background color changes (lime for bullish, red for bearish) to highlight these critical moments when enabled via the "Show Cross & Predicted Cross Signal" option.
Future Cross Prediction:
- Uses the smoothed slope of %R to estimate future values over a customizable number of steps.
- Predicts potential bullish or bearish crosses based on the interaction between the predicted Williams %R and EMA.
- Light green and light red background colors indicate predicted bullish and bearish crosses, respectively.
How to Use
- Trend Detection: Use the Williams %R and its EMA to identify ongoing trends and confirm their strength.
- Overbought/Oversold Analysis: Pay attention to crosses in extreme zones (-20 and -80) for potential reversals.
- Intensity-Based Filtering: The intensity visualization helps to focus on the most significant conditions, reducing noise.
- Cross Prediction: Enable "Show Cross & Predicted Cross Signal" to anticipate future turning points and plan trades proactively.
- Example Applications
- Scalping: Monitor rapid crossovers in lower timeframes for quick entries and exits.
- Swing Trading: Use the overbought/oversold zones and cross predictions to identify longer-term reversal opportunities.
- Risk Management: The intensity visualization can be used to filter out weak signals, ensuring higher-quality trade setups.
Chart Information
For clarity and compliance with publishing standards:
- The chart should display the full symbol, timeframe, and the script name ("Williams %R Intensity").
- Ensure the indicator is visible and properly configured for the chart.
开源脚本
本着TradingView的真正精神,此脚本的创建者将其开源,以便交易者可以查看和验证其功能。向作者致敬!虽然您可以免费使用它,但请记住,重新发布代码必须遵守我们的网站规则。
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这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
开源脚本
本着TradingView的真正精神,此脚本的创建者将其开源,以便交易者可以查看和验证其功能。向作者致敬!虽然您可以免费使用它,但请记住,重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。