Using the indicator in the quoted post, can you put 2 moving averages on the WPR, also show the 2 moving averages in the indicator window and then base the bollinger bands on the first moving average (instead of basing the bollinger bands on the WPR value)?
Something like the below 1st picture - but it is done with individual base MT5 indicators, one on top of the other...
Green is the first MA
Red is the second MA
White is the bollinger bands mid line
Gold is the WPR
Blue are the 2 bollinger outer lines
In the 2nd picture the WPR has no colour. You can clearly see there the up and down price cycles.
Thanks in advance for your time and effort.
I have been trying to do this during the last 2 days but there is a limit to what copy - paste can accomplish.
mrtools wrote: Wed Aug 17, 2022 6:04 am From Mladen Rakic:
Williams %R, WPR, or just %R, is a technical analysis oscillator showing the current closing price in relation to the high and low of the past N days (for a given N). It was developed by a publisher and promoter of trading materials, Larry Williams. Its purpose is to tell whether a stock or commodity market is trading near the high or the low, or somewhere in between, of its recent trading range.
The oscillator is on a negative scale, from −100 (lowest) up to 0 (highest), obverse of the more common 0 to 100 scale found in many Technical Analysis oscillators. A value of −100 means the close today was the lowest low of the past N days, and 0 means today's close was the highest high of the past N days. (Although sometimes the %R is adjusted by adding 100.)
This version of Williams Percent Range has an addition of Bollinger bands to help identify possible overbought and oversold levels breaks.
