CooperHoang

Willams %R Signal

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Willams %R indicator spot overbought and oversold in price.

During uptrend - End of green means entry LONG and ignore the red signal

During downtrend - End of red means entry SHORT and ignore green signal
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study(title="Willams %R", shorttitle="%R")
length = input(14, minval=1)
upper = highest(length)
lower = lowest(length)
out = 100 * (close - upper) / (upper - lower)
bgUp    = (out > -20) ? red : na
bgDown  = (out < -80) ? green : na

bgcolor(bgUp, transp=0)
bgcolor(bgDown, transp=0)