OPEN-SOURCE SCRIPT
%R Trend Exhaustion + Bottom et TOP
Indicator Description
This indicator identifies bullish reversal zones (Bottoms) using the Williams %R, combining momentum structure with trend context.
A Bottom signal is displayed as a blue dot on the price chart when the following conditions are met:
the overall trend is bullish (fast Williams %R above slow Williams %R),
the fast Williams %R (21) exits the oversold zone by crossing above the −80 level,
the previous momentum was weaker, indicating a gradual improvement in momentum.
The indicator is designed to highlight potential entry points after bearish exhaustion, favoring setups where selling pressure fades within an existing bullish structure.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.