Oscillator William's %R Similar by Rajat K. Bose

An indicator similar to Williams %R

. To: metastock@xxxxxxxxxxxxx
. Subject: An indicator similar to Williams %R
. From: Rajat Bose <rajatkbose@xxxxxxxxx>
. Date: Wed, 28 Apr 1999 23:38:52 -0700 (PDT)
. Reply-To: metastock@xxxxxxxxxxxxx
. Sender: owner-metastock@xxxxxxxxxxxxx

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-oversold indicator.

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

Thanks in advance.

Rajat K Bose

Williams %R - Similar
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)))))
Source: