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Below is the standard code for the ReverseEngineeringRSI. Instead of using RSI, can you code a Williams%R for the upper chart, similar to the ReverseEngineeringRSI, and also add bands?
#
# Charles Schwab & Co. (c) 2009-2024
#
input length = 14;
input price = close;
input rsiValue = 50.0;
input smoothingType = {default Wilders, EMA};
def coeff = rsiValue / (100 - rsiValue);
def chg = price - price[1];
def diff;
switch (smoothingType) {
case Wilders:
diff = (length - 1) * (WildersAverage(Max(-chg, 0), length) * coeff - WildersAverage(Max(chg, 0), length));
case EMA:
diff = (length - 1) * (ExpAverage(Max(-chg, 0), length) * coeff - ExpAverage(Max(chg, 0), length)) / 2;
}
def value = price + if diff >= 0 then diff else diff / coeff;
plot RevEngRSI = compoundValue(1, value[1], Double.NaN);
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