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Registered User
Joined: 12/1/2004
Posts: 3
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Can anyone tell me how I can use the Williams % R as an indicator on my charts?
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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starlightps:
The Williams %R is an indicator that is similar to Stochastics in calculation but where Stochastics compares the close to the lowest low over a specified period, the Williams %R compares the close to the highest high over a specified period. Furthermore, while Stochastics plots on a scale from 1 to 100, the %R indicator plots on a scale from 0 to -100.
Try plotting this formula as a custom indicator:
((MAXH14 - C) / (MAXH14 -MINL14)) * -100
When plotting, do not use the price scale, and do not center the zero line. I believe this is going to replicate the Williams %R indicator, which is usually based on 14 bars.
Let me know how this works for you, or if you need assistance with plotting a custom indicator.
- Doug
Teaching Online!
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Registered User
Joined: 12/1/2004
Posts: 3
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Doug, That looks like it got it Thanks for your help.
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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You're welcome! Glad I could help!
- Doug
Teaching Online!
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Registered User
Joined: 11/16/2004
Posts: 30
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thanks
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Glad to help. Let us know if you run into any other questions.
- Doug
Teaching Online!
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Registered User
Joined: 8/17/2005
Posts: 1
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Doug, I saw that you helped someone make a Williams %R custom indicator. It was very helpful for me too. When I use this indicator, I noticed that on the right side it lists the various numbers that the indicator fluctuates between. (-100 to 0). The lines that the right side includes are typically -74.3%, -21.4%, etc. I would like the lines always to be at -20 and -80. Is there anyway to set the lines at those amounts?
Thanks so much.
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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The custom indicator cannot be set to a fixed scale. This won't be possible.
As an aside... you can plot Stochastics which is the mirror of %R and it has a fixed scale.
Check out this video on Stochastics:
Understanding Stochastics
It is literally the same indicator except it runs from 0 to +100
- Craig
Here to Help!
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Registered User
Joined: 1/1/2007
Posts: 49
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When I search for custom indicator, I get nothing.
Can you direct me to learn how to plot one ?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You may wish to review the following:
Plotting Custom Indicators with Examples
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 12/14/2004
Posts: 5
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Hello,
I use Williams %R and all the posts from Doug were very helpful.
My question is there way to plot the center line at a level other than Zero with the Customer Indicator?
%R uses -50 as the center unlike the Stoc or RSI.
Looking forward to your segments at the Money Show.
-mb
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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letgo,
I do not know of a way to use any other number besides zero as the centerline in a Custom Indicator.
We could adjust the range of the indicator to go from -50 to 50 so the centerline would be zero by subtracting 50 instead of 100 from the Stochastic, but the only reason to use the Custom Indicator in the first place is to get the scale to run from -100 to 0.
If you don't care about the scale, you could just use the built in Stochastic indicator.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Administration
Joined: 9/30/2004
Posts: 9,187
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If you plot ((MAXH14 - C) / (MAXH14 -MINL14)) * -100 the centerline is the middle value of the range of displayed values, which for William %R is typically near -50.
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Registered User
Joined: 12/14/2004
Posts: 5
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Close enough is going to be close enough.
Thank you and have a good day.
-mb
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome. Our pleasure.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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