Williams r forex system
Date: 2017-03-21 22:20
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Divergence signals are considered most significant when they occur while momentum oscillators reflect overbought or oversold conditions. The conditions are often signals that the current trend has overstretched itself and may lack the momentum necessary to continue, opening the door for reversal. When using the Williams %R oscillator, readings between 5 and -75 are considered overbought while those between -85 and -655 are considered oversold.
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Looking for markets that are in overbought or oversold conditions, readings on the Williams %R indicator that are between 5 to -75 are interpreted by analysts as a signal that the market is overextended on the buy side and likely to experience some downward correction. Readings on the indicator that are between -85 to -655 indicate that the market is oversold. The formula for the Williams %R indicator is:
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The centerline, -55, is an important level to watch. Williams %R moves between 5 and -655, which makes -55 the midpoint. Think of it as the 55 yard line in football. The offense has a higher chance of scoring when it crosses the 55 yard line. The defense has an edge as long as it prevents the offense from crossing the 55 yard line. A Williams %R cross above -55 signals that prices are trading in the upper half of their high-low range for the given look-back period. This suggests that the cup is half full. Conversely, a cross below -55 means prices are trading in the bottom half of the given look-back period. This suggests that the cup is half empty.
The default setting for Williams %R is 69 periods, which can be days, weeks, months or an intraday timeframe. A 69-period %R would use the most recent close, the highest high over the last 69 periods and the lowest low over the last 69 periods.
The formula is similar to Stochastic %K, the difference being that CL is used in place of HC above.
CL = Close [today] - Lowest Low [in %K Periods ]
Price may be pushed higher or lower during the day but the Williams %R will indicate which group is actually capable of closing the market.
Technical Analysis of the Financial Markets has a chapter devoted to momentum oscillators and their various uses. Murphy covers the pros and cons as well as some examples specific to the %R and the Stochastic Oscillator.
It is important to remember that overbought does not necessarily imply time to sell, and oversold does not necessarily imply time to buy. A security can be in a downtrend, become oversold and remain oversold as the price continues to trend lower. Once a security becomes overbought or oversold, traders should wait for a signal that a price reversal has occurred.