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OPEN-SOURCE SCRIPT

Williams %R Gradation

By TaehoKang
Updated
The Williams %R Gradation indicator visually enhances the traditional Williams %R momentum oscillator by adding dynamic coloring and EMA (Exponential Moving Average) analysis. This version integrates color gradients to highlight overbought and oversold conditions while adjusting the color intensity based on the deviation (gap) between %R and its EMA.


Usage
This indicator can be used to:

  1. Identify overbought and oversold market conditions.
  2. Highlight potential reversals with increased visibility through color fills.
  3. Analyze the strength of momentum by observing the gap between %R and its EMA.
  4. Track continuation or lingering overbought/oversold conditions with the previous bar logic.
Release Notes
- Added "showSignal", "nStpes" option
- Visualize EMA & %R cross
- Predict the cross for nStpes and visualize
- Fixed fill color
Oscillators

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.

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TaehoKang

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