Williams %R by Larry Williams is an oscillator showing the day’s close relative to the trading range of the last N days (the highest high to the lowest low). The scale is 0 for a close at the high, down to -100 for a close at the low.
Williams used a 10 day period, which is the default in Chart, and held that a close above -20 suggested an overbought condition, and below -80 suggests oversold. Those levels are shown as lines in Chart. Extremes are reached almost any time new N-day highs or lows are being made, so Williams’ conditions for trading were to buy an oversold when
or conversely to sell an overbought
Copyright 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2014, 2015, 2016, 2017 Kevin Ryde
Chart is free software; you can redistribute it and/or modify it under the terms of the GNU General Public License as published by the Free Software Foundation; either version 3, or (at your option) any later version.