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Subsequently, the window in which we change the indicators properties appears.Here we can choose the averaging period, fix the maximum and minimum, and adjust visualization settings.
This indicator is called "Williams' Percent Range."Its values are between 0 and 100. This indicator is related to the oscillator class.
The calculation of the Williams' Percent Range indicator is very similar to the calculation of the stochastic oscillator. It looks like this: Where:CLOSE is today's closing price MAX is the highest high over "n" number of previous periods; MIN is the lowest low over "n" number of previous periods.
This oscillator is very similar to the stochastic oscillator, in terms of its features. However, there is no second smoothing line.
Because there is no smoothing, this indicator can be used only on the principle of overbought versus oversold.
On the chart, the moments when the indicator went to overbought and oversold areas in the beginning of the trend can be marked.
Nevertheless, good entry points can be found.