The Williams %R (Williams Percent Range) is a momentum indicator that measures overbought and oversold levels. It compares the closing price to the high-low range over a specified period, displaying values between 0 and 100. Values above 80 typically indicate overbought conditions, while values below -20 suggest oversold conditions. The indicator helps traders identify potential reversal points and gauge the strength of price movements.

Settings of Use

Clicking on the indicator's settings icon will open its configuration window, within which it will be possible to make several choices regarding the functionality of the indicator itself.

Settings

Length

Defines the lookback period for calculating the Williams %R. The default value is 14. This parameter determines how many bars are used to find the highest high and lowest low. A shorter length (e.g., 10) makes the indicator more sensitive and responsive to price changes, generating more frequent signals. A longer length (e.g., 20 or more) creates a smoother line with fewer, potentially more reliable signals by considering a broader price range.

Average Settings

Enable

When enabled, applies a moving average smoothing to the Williams %R line. This smoothing reduces noise and short-term fluctuations, making trends and signals clearer. The smoothed line helps filter out minor price movements and focus on more significant directional changes.

Average Type

Defines the type of moving average applied to smooth the Williams %R. The available options are:

• Simple: Simple Moving Average (SMA), giving equal weight to all values in the period.

• Exponential: Exponential Moving Average (EMA), giving more weight to recent values for faster response to changes.

• Triangular: Triangular Moving Average, which applies double smoothing for even smoother results.

• Weighted: Weighted Moving Average (WMA), giving progressively more weight to recent values.

Length

Sets the period length for the smoothing moving average. The default value is 20. This determines how many Williams %R values are used in the smoothing calculation. Higher values create smoother lines with less sensitivity to recent changes, while lower values maintain more responsiveness to current price action. This should be adjusted based on your trading timeframe and strategy.

Level Settings

Middle Level

Sets the middle reference level on the Williams %R scale. The default value is 50. This level serves as a midpoint reference, helping traders identify when the indicator is in the upper or lower half of its range. Some traders use this level to gauge overall momentum direction.

Low Level

Defines the oversold threshold level. The default value is 20. When Williams %R drops below this level, it suggests the market may be oversold, potentially signaling a buying opportunity or an upcoming upward reversal. This level helps identify extreme downward pressure.

High Level

Defines the overbought threshold level. The default value is 80. When Williams %R rises above this level, it suggests the market may be overbought, potentially signaling a selling opportunity or an upcoming downward reversal. This level helps identify extreme upward pressure.

Middle Level Color

Sets the color for the middle reference level line. Choose a neutral color that provides good visibility against the chart background without overpowering the main Williams %R line. This helps distinguish the midpoint reference from the overbought and oversold levels.

Low Level Color

Sets the color for the oversold level line. Typically uses a color that indicates potential buying opportunities or oversold conditions. This visual cue helps traders quickly identify when the indicator enters the oversold zone.

High Level Color

Sets the color for the overbought level line. Typically uses a color that indicates potential selling opportunities or overbought conditions. This visual cue helps traders quickly identify when the indicator enters the overbought zone.

Level Width

Adjusts the thickness of all three level reference lines (middle, low, and high). The default value is 1. Increasing this value makes the level lines more prominent and easier to see on the chart, while decreasing it creates thinner, more subtle reference lines that don't dominate the visual display.

Subgraphs 

Williams 

This is the main Williams %R line that displays the primary oscillator values. The (1) designation indicates this is the first series plotted by the indicator.

Color

Sets the primary color for the Williams %R line (series 1). Choose a color that provides good contrast against the chart background and is distinct from the average line color. This is the main line traders will focus on for signals.

2° Color

Sets the secondary color for the smoothed average line (series 2). This should be visually distinct from the primary Williams %R line color, allowing traders to easily differentiate between the raw indicator and its smoothed version.

Subgraph Style

Defines how the Williams %R data is displayed. The default is "Line" which shows the indicator as a continuous line, making it easy to track momentum changes and identify trend patterns. Other options may include dots, bars, or other visual representations.

Auto Color

Determines the automatic coloring logic for the Williams %R line. Set to "Slope" to automatically change the line color based on whether the indicator is rising or falling.

Line Style

Sets the style of the Williams %R line. The default is "Solid" for a continuous, unbroken line. Other options  include dashed, dotted, that can help distinguish this indicator from others on the chart.

Line Width

Adjusts the thickness of the Williams %R line. The default value is 1. Increasing this value makes the line more prominent and easier to see, especially on larger screens or when monitoring multiple indicators. 

Short Name

Allows you to set a custom short name or label for the indicator that will appear on the chart legend. The default is "W%R". This is useful for distinguishing between multiple Williams %R indicators with different parameters or when you want to use a custom naming convention.