OPEN-SOURCE SCRIPT
Williams Percent Range with Threshold
Enhance your trading analysis with the "Williams Percent Range with Threshold" indicator, a powerful modification of the classic Williams %R oscillator. This custom version introduces customizable uptrend and downtrend thresholds, combined with dynamic candlestick coloring to visually highlight market trends. Originally designed to identify overbought and oversold conditions, this script takes it a step further by allowing traders to define specific threshold levels for trend detection, making it a versatile tool for momentum and trend-following strategies.
Key Features:
Customizable Thresholds: Set your own uptrend (default: -16) and downtrend (default: -67) thresholds to adapt the indicator to your trading style.
Dynamic Candlestick Coloring: Candles turn green during uptrends, red during downtrends, and gray in neutral conditions, providing an intuitive visual cue directly on the price chart.
Flexible Length: Adjust the lookback period (default: 50) to fine-tune sensitivity.
Overlay Design: Integrates seamlessly with your price chart, enhancing readability without clutter.
How It Works:
The Williams %R calculates the current closing price's position relative to the highest and lowest prices over a specified period, expressed as a percentage between -100 and 0. This version adds trend detection based on user-defined thresholds, with candlestick colors reflecting the trend state. The indicator plots the %R line with color changes (green for uptrend, red for downtrend) and includes dashed lines for the custom thresholds.
Usage Tips:
Use the uptrend threshold (-16 by default) to identify potential buying opportunities when %R exceeds this level.
Apply the downtrend threshold (-67 by default) to spot selling opportunities when %R falls below.
Combine with other indicators (e.g., moving averages or support/resistance levels) for confirmation signals.
Adjust the length and thresholds based on the asset's volatility and your trading timeframe.
Key Features:
Customizable Thresholds: Set your own uptrend (default: -16) and downtrend (default: -67) thresholds to adapt the indicator to your trading style.
Dynamic Candlestick Coloring: Candles turn green during uptrends, red during downtrends, and gray in neutral conditions, providing an intuitive visual cue directly on the price chart.
Flexible Length: Adjust the lookback period (default: 50) to fine-tune sensitivity.
Overlay Design: Integrates seamlessly with your price chart, enhancing readability without clutter.
How It Works:
The Williams %R calculates the current closing price's position relative to the highest and lowest prices over a specified period, expressed as a percentage between -100 and 0. This version adds trend detection based on user-defined thresholds, with candlestick colors reflecting the trend state. The indicator plots the %R line with color changes (green for uptrend, red for downtrend) and includes dashed lines for the custom thresholds.
Usage Tips:
Use the uptrend threshold (-16 by default) to identify potential buying opportunities when %R exceeds this level.
Apply the downtrend threshold (-67 by default) to spot selling opportunities when %R falls below.
Combine with other indicators (e.g., moving averages or support/resistance levels) for confirmation signals.
Adjust the length and thresholds based on the asset's volatility and your trading timeframe.
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。
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。