First is the two different period of Williams% 5 mins and 15 mins.
Second is the line of 5 mins chart.
Both will be primarily use on the 5 mins chart, you can use on another time frame if you wish
green = uptrending
red = downtrending
Bright green: overbought condition, look to Short at the end of the signal
Bright Red: oversold condition, look to Long at the end of the signal
I also added the line which you can use for divergence
when price move higher and is moving down, expecting price to drop sometime soon or vice versa. See chart for example.
study(title="Willams %R", shorttitle="%R & MACD") length = input(14, minval=1) upper = highest(length) lower = lowest(length) out = 100 * (close - upper) / (upper - lower) length1 = input(42, minval=1) upper1 = highest(length1) lower1 = lowest(length1) out1 = 100 * (close - upper1) / (upper1 - lower1) bgUp = (out > -20 and out1 > -20) ? green : na bgDown =(out < -80 and out1 < -80) ? red : na bgUp1 = (out > -50 and out1 > -50) ? green : na bgDown1 =(out < -50 and out1 < -50) ? red : na bgcolor (bgUp, transp=00) bgcolor (bgDown, transp=00) bgcolor (bgUp1, transp=50) bgcolor (bgDown1, transp=50) fastLength = input(12) slowlength = input(26) MACDLength = input(9) MACD = ema(close, fastLength) - ema(close, slowlength) aMACD = ema(MACD, MACDLength) delta = MACD - aMACD plot(MACD, color=blue, title="MACD")