William %R MTF [DM]

Greeting Colleagues
Today I share The Wlliams %R
- 5 diferent length
- 1 extra signal with the technique used in the ultimate oscillator
- Fibo Leves based on ob os leves "width it's automatic"
- Colored bars bassed en average strength
- The indicator that is modified now has the same range as the ultimate oscillator .

Enjoy [;-)

//The Williams %R (%R) indicator was created by famed commodities trader and author Larry Williams .
//%R = (CurrentClose - Highest High) / (Highest High - Lowest Low) x -100
//Highest High = Highest High for the user defined look-back period.
//Lowest Low = Lowest Low for the user defined look-back period.
//The basics
//As previously mentioned, the %R is used to measure momentum. %R oscillates
//within a fixed range between the values of 0 and -100. Williams himself set the
//parameters of overbought as any reading between 0 and -20. His oversold
//parameters were readings between -80 and -100. It is important to note that these
//values are traditional examples. It may be beneficial for the technical analyst
//to set different parameters based on the specific instrument being analyzed. Wider
//or narrower overbought and oversold levels may be appropriate based on historical analysis.
//What to look for
//There are two major conditions identified by using the %R indicator.
//The first is standard overbought and oversold conditions. The second is momentum
//changes characterized by momentum failures.
//Overbought and Oversold conditions are a very common signal generated by momentum oscillators.
//The %R indicator is no different.
Versionshinweise: Minor changes
Versionshinweise: Added butterfly color rules to plots
Added switch to hide parcels
Versionshinweise: Minor changes
Versionshinweise: Added black background for use in the white charts
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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