This indicator helps you to find overbought and oversold prices based on William %R.
Input Description:
- Wperiod: Period for %R indicator.
- OverBoughtLevel: Define the overbought level for %R. Must in between 0 and -50.
- OverSoldLevel: Define the oversold level for %R. Must in between -50 and -100.
- middle_value: When true, indicator also draw the middle points between upper and lower line.
- shift: Set an additional offset to the indicator.
Several Notes:
Set 0 and -100 as Overbought and Oversold levels, and you get Donchian Channel!
Sometimes it would be wise to:
- Check your Trend Indicator when price is NOT inside the channel.
- BUY when Low is below the lower channel line and Close is inside the Channel.
- SELL when High is above the higher channel line and Close is inside the channel.
