WilliamPercentR Chart, Label For ThinkOrSwim

The Williams PercentR is a forward-looking indicator.
ToS provides the following description:
The Williams Percent R is a lower study. It is a momentum indicator that is designed to identify overbought and oversold areas in a non-trending market. The Williams Percent R can be interpreted similarly to the Stochastic oscillators but the Williams Percent R is simply plotted upside-down. Readings in the range of -80 to -100% may indicate that the security is oversold while readings in the 0 to -20% range suggest that it is overbought.

There are three important confluences to observe when analyzing oscillator charts:
https://usethinkscript.com/threads/how-to-read-an-oscillator-in-thinkorswim.11497/
B7nkJ2s.png

This code has been updated to accommodate the suggestions from the posts below.
Ruby:
## #######################################################
# Williams PercentR
## #######################################################
# TD Ameritrade IP Company, Inc. (c) 2007-2024
#
input length = 10;
input overBought = -20;
input overSold = -80;

def hh = Highest(high, length);
def ll = Lowest(low, length);
def result = if hh == ll then -100 else (hh - close) / (hh - ll) * (-100);

## #######################################################
# Charting & Formatting

declare lower ;
declare real_size;

plot WR = if result > 0 then 0 else result;
WR.SetDefaultColor(GetColor(1));

plot Over_Sold = overSold;
Over_Sold.SetDefaultColor(GetColor(8));

plot Over_Bought = overBought;
Over_Bought.SetDefaultColor(GetColor(8));

plot midline = -50 ;

AddLabel(yes,
if WR >= 50 then  "Will%>50" else "Will%<50",
if WR > 50 then color.green else color.red);
 
Last edited:

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Does anyone have a label for the WilliamsPercentR
Green if -50 to 0
Red if -51 to -100

Ruby:
AddLabel(yes,
if WilliamsPercentR() >= 50 then  "Will%>50" else "Will%<50",
if WilliamsPercentR() > 50 then color.green else color.red);
 

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