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Williams %R Modified

Formula for: MetaStock

indicator

Views: 1434

Added: May 25, 2008

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Tags: MetaStock, indicator

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A variation of Williams' %R
* To: RealTraders Discussion Group
* Subject: A variation of Williams' %R
* From: "Rajat K. Bose"
* Date: Fri, 30 Apr 1999 06:02:17 PDT
* Reply-To: rajatkbose@xxxxxxxxxxx
* Sender: owner-realtraders@xxxxxxxxxxxxxx

List members,

Given below is an indicator, which is a variation of William's %R, used by me in MetaStock 6.52. The structure of the indicator is similar to that of Willams' %R.

All I have done here is to substitute High and Low of any bar with that of Bollinger Band Top and Bollinger Band Bottom.

I have tested it on various time periods (for Bollinger Bands) using 2 std.dev., it sometimes gives an early indication of reversals than the Williams' %R of the same period. Divergences have also been somewhat better.

However, the structure shows that most of its properties are similar to that of Williams' %R or for that matter any other overbought-oversoldindicator.

Any comments, criticisms and/or suggestions in this regard would be highly appreciated.

Thanks in advance.

Rajat K Bose

Rajat....
I have not yet tried your code so I have NO IDEA whether your indicator has a scintilla of value BUT.... imho this is EXACTLY the type of experimentation that has to be done on a never-ending basis in order to improve your trading. You may have to go through 50 indicators like this to find one that will improve your trading by a half-tick on average..... but those half ticks add up to real money :)

Code:

Williams %R Modified

Periods := Input("Time Period", 3,50,5);
NumDev := Input("No. of Standard Deviations", 1,5,2);
(100*(C-BBandBot(C, Periods, S, NumDev))/
((( BBandTop(C, Periods, S,NumDev))-
(BBandBot(C, Periods, S, NumDev)))))

Author: Rajat Bose
Source: http://purebytes.com/archives/realtraders/

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