OPEN-SOURCE SCRIPT
%R Trend Exhaustion [upslidedown]
Updated
I love Williams %R! This indicator mixes two %R periods... a standard %R with a longer period %R. The longer period of 112 has interesting results for trend following strategies in the crypto market through backtesting.
Alone these are fairly ordinary but together they provide a very interesting trend exhaustion/reversal system while filtering out some noise. I have highlighted key areas of interest with filled boxes. An "area of interest" is when there is confluence between the short and long period %R values along with being overbought or oversold. Once there is a break in the overbought or oversold trend, an arrow will print.
This is one of my odder ideas that appears to have some merit and detects interesting tops or bottoms (or confirms a trend reversal) so I'm publicly publishing for the community to find. If you find this useful please reach out and let me know how you use it as it's fairly unique... and thus different than anything I've ever seen or used.
Alone these are fairly ordinary but together they provide a very interesting trend exhaustion/reversal system while filtering out some noise. I have highlighted key areas of interest with filled boxes. An "area of interest" is when there is confluence between the short and long period %R values along with being overbought or oversold. Once there is a break in the overbought or oversold trend, an arrow will print.
This is one of my odder ideas that appears to have some merit and detects interesting tops or bottoms (or confirms a trend reversal) so I'm publicly publishing for the community to find. If you find this useful please reach out and let me know how you use it as it's fairly unique... and thus different than anything I've ever seen or used.
Release Notes
Based on positive reaction within community I made a few improvements to the script. This includes an experimental bull/bear cross, better documenting of the plot values and settings, adjustment of the z-index values, and an experimental difference plot (dig into the settings). - Adjusted default smoothing value of 3 for the slow signal to reduce noise (previously no smoothing was default)
- Crossover dot plotting (bullish and bearish experimental)
- Adjustable triangle plot locations so indicator can be used as overlay on wavetrend or other indicator
- Fixed z-index for elements
- Difference plotting (default is turned off)
Hooray! ❄️ Happy Holidays ❄️
Release Notes
A couple quick settings/display changes in v1.3 suggested by a friend so elements can be more easily disabled and then used as overlay on wavetrend or other tool of your choice. This indicator is still one of my favorite reversal confirmation signals.Release Notes
Introducing version 2.0 with a HUGE series of updates I have been sitting on for quite a long time and kept meaning to publish but just never got around to doing.- It's prettier with gradient colors as oscillators near OB/OS zones
- Multiple display modes, allowing the user to easily overlay script on other oscillators, candles, or use as a standalone oscillator.
- An easy all in one alert system
- Misc performance/code improvements thanks to jason5480 and a few other friends who offered valuable input
- Support for entry signal generation into jason5480's absolutely incredible backtesting engine "Template Trailing Strategy" tradingview.com/v/n8bgynWl/
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
❤️ Pro indicators whop.com/upslidedown/
💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
💎 Get my %R Trend Exhaustion indicator: bit.ly/prte
💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
💎 Get my %R Trend Exhaustion indicator: bit.ly/prte
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.