Willams %R extreme and MACD Divergence — Indicator by CooperHoang

This is two different indicators combine into one.

First is the two different period of Williams% 5 mins and 15 mins.
Second is the MACD 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

Williams %:

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

MACD:
I also added the MACD line which you can use for divergence
when price move higher and MACD is moving down, expecting price to drop sometime soon or vice versa. See chart for example.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

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")