Williams %R is a momentum based oscillator used to determine overbought and oversold market conditions. This indicator is unique in that it oscillates between 0 and -100. A value closer to 0 is considered overbought and a value closer to -100 is considered oversold. Users can change how this indicator produces trade signals by lowering/raising the length and changing the buy and sell level values.
- Exchange website to monitor (Pro Tip: It doesn't have to be the same exchange you are currently trading on).
- Currency pair to monitor for trade signals.
- Time Interval - The amount of time per candle.
- Trade Signals
- Length - Amount of candles used to determine the Oscillator.
- Buy Level (buy at and lower than this value)
- Sell Level (sell at and higher)
It is recommended to use this indicator during sideways markets to catch the dips and rises and maximize your profit. Alternatively, this can be used at larger timescales for some interesting results.