Williams’ Percent Range (Williams %R) is a well known momentum indicator that works much like the Stochastic Oscillator. It is used for measuring the overbought and oversold levels and prediction of trend changing.
The Multi WPR indicator was designed to show the Williams %R not only for the current symbol, but for other symbols as well so a complex analysis of the current market state can be made. You can analyze up to 6 symbols simultaneously on the current chart.
Look at the chart below. Information from other symbols helps to better analyze the current market state before opening a position. In our case all the main symbols were below the -80 level so a trend change could be expected and it happened.
Indicator properties that you can change:
MainPeriod - WPR value;
Smooth - Level of smoothing of a curve;
Width - thickness of a WPR line;
FontName, FontSize;
IndicatorName- For work with several MultiADX indicators their names should differ;
C1... C6 - color of a line of symbol 1... 6;
P1... P6 - symbols for WPR charts;
Current - Color for allocation of the line of current symbol;
The Multi WPR Indicator is free to use. Download it here
Read more about the Williams %R here
0 comments
Post a Comment