TestWilliam36HistogramWalert_v1
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This tool is a specialized technical analysis indicator designed to help traders identify potential momentum shifts in the market. It operates by calculating a specific variation of the "Williams %R" formula, which measures where the current price sits relative to the highest highs and lowest lows over a defined timeframe.
Core Logic and Visual Presentation
The primary function of this script is to isolate and visualize price momentum based on its relationship to a zero-axis baseline. Here is how the logic flows:
- Momentum Calculation: The script looks back at the last 40 candles to identify the highest price peak and the lowest price trough. It then determines where the current closing price falls within that range.
- The Zero Baseline: This value is converted into a percentage-based oscillator centered around a zero point. This acts as the "neutral" zone for the market's strength.
- Visual Separation (Positive vs. Negative): To make it easier for a trader to read, the script splits the data into two distinct visual components:
- Bullish Momentum: When the calculated momentum is above zero (indicating upward pressure), it is displayed in a specific color (Lime Green).
- Bearish Momentum: When the momentum falls below zero (indicating downward pressure), it is displayed in a contrasting color (Red).
- Neutral State: If the value is exactly at zero, the script maintains a neutral gray representation.
Automated Alerts
Beyond just providing a visual chart, the script includes an automated notification system designed to alert the user of immediate trend changes:
- Sell Signals: If the momentum shifts from a positive state (above zero) to a negative state (below zero), the script triggers an alert indicating a potential "Sell" opportunity.
- Buy Signals: Conversely, if the momentum moves from a negative state to a positive state, it triggers an alert for a potential "Buy" opportunity.
Summary for the User
Instead of looking at a cluttered price chart, this indicator simplifies the market's "mood." By highlighting only the strength above and below the zero line in different colors and providing real-time alerts when those colors flip, it allows you to quickly identify when the market sentiment is shifting from bullish to bearish or vice versa.
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TestWilliam36HistogramWalert_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
/*
original formula)
WH:=HHV(HIGH,5);
WL:=LLV(LOW,5);
//WRD:=(( HHV( WH,36 )-c ) /( HHV(WH,36 ) - LLV( WL,36) ) ) *- 100,
//WDo:=WRD+50;
//WU:=IF(WDo>0,WDo,0);
//WD:=IF(WDo<0,WDo,0);
//{- this will give you the william's when it is below zero and it is plotted red}
//LN:=0;
*/
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 LimeGreen
#property indicator_color2 Red
#property indicator_color3 Gray
#property indicator_maximum 50
#property indicator_minimum -50
//---- input parameters
//---- buffers
double WU[],WD[],W[],Zero[];
int ssw=0,bsw=0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- 3 additional buffers are used for counting.
IndicatorBuffers(4);
SetIndexBuffer(3,W);
//---- indicator lines
SetIndexStyle(0,DRAW_HISTOGRAM,0,3);
SetIndexBuffer(0,WU);
SetIndexStyle(1,DRAW_HISTOGRAM,0,3);
SetIndexBuffer(1,WD);
SetIndexStyle(2,DRAW_LINE,0,2);
SetIndexBuffer(2,Zero);
//---- name for DataWindow and indicator subwindow label
short_name="William%R36 With Alert";
IndicatorShortName(short_name);
//---- indicator lines
//----
SetIndexDrawBegin(0,40);
//----
return(0);
}
//+------------------------------------------------------------------+
//| BSPVolume
//+------------------------------------------------------------------+
int start()
{
int i,k,counted_bars=IndicatorCounted();
if(Bars<=40) return(0);
//---- initial zero
/*
if(counted_bars<1)
{
for(i=1;i<=CCIPeriod;i++) CCIBuffer[Bars-i]=0.0;
for(i=1;i<=CCIPeriod;i++) DevBuffer[Bars-i]=0.0;
for(i=1;i<=CCIPeriod;i++) MovBuffer[Bars-i]=0.0;
}
*/
//---- last counted bar will be recounted
int limit=Bars-counted_bars;
if (counted_bars>0) limit++; else if (limit>300) limit=300;
for(i=0; i<limit; i++)
W[i]=50+(-100)*(High[Highest(NULL,0,MODE_HIGH,40,i)]-Close[i])/(High[Highest(NULL,0,MODE_HIGH,40,i)]-Low[Lowest(NULL,0,MODE_LOW,40,i)]);
for(i=0; i<limit; i++) Zero[i]=0;
for(i=0; i<limit; i++)
{
Comment ("i ",i,"W[i] ",W[i],"W[i+1] ",W[i+1]);
if (W[i]<0 && W[i+1]>0 && i<2 )Alert (Symbol()," ",Period()," Willy Says S E L L");
if (W[i]>0 && W[i+1]<0 && i<2 )Alert (Symbol()," ",Period()," Willy Says B U Y");
if (W[i]>0)
{WU[i]=W[i];WD[i]=0;}
else if (W[i]<0)
{WU[i]=0;WD[i]=W[i];}
else {WU[i]=0;WD[i]=0;}
}
return(0);
}
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