RSI Verify Pattern with Williams (WpercentR)

That is the “RSI Verify Pattern with Williams (WpercentR)” indicator
This can be a modification of the “RSI Tendencies” indicator by zzzcrypto123.

What Is the Relative Power Index (RSI)?
The relative power index (RSI) is a momentum indicator utilized in technical evaluation. RSI measures the velocity and magnitude of a safety’s current worth adjustments to guage overvalued or undervalued situations within the worth of that safety.

What’s Williams %R?
Williams %R, often known as the Williams P.c Vary, is a kind of momentum indicator that strikes between 0 and -100 and measures overbought and oversold ranges. The Williams %R could also be used to seek out entry and exit factors available in the market. The indicator is similar to the Stochastic oscillator and is utilized in the identical approach. It was developed by Larry Williams and it compares a inventory’s closing worth to the high-low vary over a particular interval, sometimes 14 days or durations.

How Does “RSI Verify Pattern with Williams (WpercentR)” work?
This indicator combines the momentum of each RSI and Williams %R by including higher and decrease thresholds. When the thresholds are damaged, this indicator adjustments colour from grey to both inexperienced or pink.

What Are The Thresholds?
The default RSI thresholds are 55 and 45. These values are configurable.
The default Williams %R thresholds are 80 and 20. These values are configurable and made optimistic so it may be plotted in opposition to the RSI line.

How To Use?

• When the RSI exceeded the higher/decrease thresholds, the RSI line colour will change from grey to lighter inexperienced/pink colour.
• When the Williams %R exceeded the higher/decrease thresholds, the RSI colour will change to darker inexperienced/pink colour signifying a robust momentum in that course.
• When the RSI colour is grey, this implies the RSI and Williams %R thresholds should not damaged which may additionally signify as no development or consolidation.

The Williams %R line isn’t displayed by default however will be enabled utilizing the checkbox supplied within the Model tab.
This “RSI Verify Pattern with Williams (WpercentR)” indicator will be mixed with different technical indicators to confirm the thought behind this concept.

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Disclaimer

The knowledge contained on this indicator doesn’t represent any monetary recommendation or a solicitation to purchase or promote any securities of any sort.
My scripts/indicators/concepts are for academic functions solely!

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