Williams R Scanner Indicator
- Indicators
- Raul Canessa Castameda
- Version: 1.2
- Updated: 11 January 2024
- Activations: 8
By itself, this analysis tool should not be used as a trading system since Williams %R signals are not 100% reliable as it is based in price changes, as is the case with any oscillator indicator. However, it can be a very useful tool for any trader who uses the Williams %R oscillator in their trading strategies.
The parameters that can be configured in Williams R Scanner are the following:
- Williams %R Indicator Period: It is the value of the lookback period used to calculate the values of the Williams %R oscillator (Default value: 14).
- List of Markets (Instruments): Here the trader indicates the markets or currency pairs in which he wishes to calculate the Williams %R values and signals. The user can add as many pairs as the broker offers on the platform. By default, the indicator shows EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, EURJPY and GBPJPY pairs.
- List of Time Frames: In this parameter we can indicate in which time frames we want to calculate the Williams %R for each currency pair. We can aggregate all the time frames that MT4 offers. By default, the indicator displays frames M5, M15, M30, H1, H4, D1 and W1.
- Williams %R Oversold/Overbought Signals: Through this setting the trader can indicate if he wants the Williams R Scanner to show a dashboard with the oscillator values for different markets and time frames.
- Overbought Level: Here we can indicate the level where the Williams %R indicator reaches an overbought condition. The value that is usually used is -20.
- Oversold Level: Here we can indicate the level where the Williams %R indicator reaches an overbought condition. The value that is usually used is -20.
- Overbought Color: It allows the dashboard to indicate the color of the box when the Williams %R reaches an overbought condition.
- Oversold Color: It allows the dashboard to indicate the color of the box when the Williams %R reaches an oversold condition.
- Enable Williams %R Indicator Signal Alerts: Through this last setting we can activate the Williams R Scanner alerts.
- Email Alerts: It allows the sending of email alerts when the Williams %R is a crossing an important level (Default value: false).
- Push Notifications: It allows the sending of push notifications when the Williams %R is a crossing an important level (Default value: false).
- Sound Alert: This setting allows the configuration of sound alerts.
-To add new currency pairs in Markets, we write the symbol of the pair, for example XAUUSD of BTCUSD, without the “/” symbol and separated by a comma (no spaces).
-Overbought and oversold Signals are shown by changes in the color of the Williams %R boxes. When the Williams %R indicates an overbought condition the box turns red and when the market is in an oversold condition the box turns green.
