OPEN-SOURCE SCRIPT
Normalized Willspread Indicator

Not sure to call it as willspread or not, because i take this idea from Larry William's original willspread indicator and did some modifications which found out to be more effective in my opinion, which is by subtracting 21 and 3 ma, this indicator is found on Trade_Stocks_and_Commodities_With_the_Insiders page155. Feel free to find out.
Here's what I modified, instead of using the subtraction between two ma, I use one ma only, I find more accurate in spotting oversold and overbought value. This indicator is useful for metals. It basically compares the value between two assets, let's say u are watching gold, u can select compare it to dxy, us30Y or gold, let's say u choose to compare to dxy, and the indicator shows the the index is overvalued which is above 80 levels, then it is suggesting that gold is overvalued, the same logic apply to undervalued as well which is 20 levels. This is not a entry or exit tool but as additional confluence, u can use any entry method u want like supply and demand and use this indicator to validate your idea, not sure whether it works on forex or not, so far i think it works well on metals.
The bar colour corresponding to the index when it is overbought or oversold. U can switch off it if you dont need it. Do note that this is a repainting indicator, so u must refer to previous week close.
Here's what I modified, instead of using the subtraction between two ma, I use one ma only, I find more accurate in spotting oversold and overbought value. This indicator is useful for metals. It basically compares the value between two assets, let's say u are watching gold, u can select compare it to dxy, us30Y or gold, let's say u choose to compare to dxy, and the indicator shows the the index is overvalued which is above 80 levels, then it is suggesting that gold is overvalued, the same logic apply to undervalued as well which is 20 levels. This is not a entry or exit tool but as additional confluence, u can use any entry method u want like supply and demand and use this indicator to validate your idea, not sure whether it works on forex or not, so far i think it works well on metals.
The bar colour corresponding to the index when it is overbought or oversold. U can switch off it if you dont need it. Do note that this is a repainting indicator, so u must refer to previous week close.
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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。