Smoothed WPR - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

Williams %R , or just %R , is a technical analysis oscillator that shows the current closing price in relation to the high and low prices over the past N days (for a given N). It was developed by publisher Larry Williams, the originator of trade materials. The purpose is to determine whether a stock or commodity market is trading near the high or low of its recent trading range, or somewhere in between.

The oscillator is in the negative range, from −100 (lowest) to 0 (highest), with the more common 0 to 100 scale of the positive technical analysis oscillator found in many countries. A value of −100 means that today's closing price is the lowest point in the past N days, and 0 means that today's closing price is the highest point in the past N days. (Although sometimes %R is adjusted to add 100.)

One of the "problems" with WPR is that it is a "tight" indicator (it tends to change values ​​so quickly that using signal levels will almost certainly lead to a lot of false signal traps). Few attempts are made to use WPR to produce fewer signals, but they usually smooth the results, thus increasing the indicator's lag. This version uses a different approach: it uses ema smoothed prices for calculations, producing fewer signals (and a smoother result) in this way without adding too much lag

You can use it as any other WPR

"Big picture" comparison - the picture above is regular WPR, the picture below is this

Attachment download

📎 smoothed_wpr.mq5 (6.23 KB)

Source: MQL5 #24214