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.
เอกสารเผยแพร่
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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 ❄️
เอกสารเผยแพร่
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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.
เอกสารเผยแพร่
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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/
Incredible work @upslidedown! The main concept idea and the quality of the implementation are on an other level!
rmolnar007.1
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This is much more incredible than you realize
upslidedown
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@rmolnar007.1, hah, thanks! I think it's pretty good for countertrend trading when price is moderately range bound... but if you have a particular way that this works for you I'd love to hear more. Feel free to comment here or PM me if you want to discuss/share.
rmolnar007.1
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@upslidedown, I cannot message you, not enough points - message me directly or email my TV username (@gmail) and I will instruct you
Handsome_Pumper
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@rmolnar007.1, Would you mind sharing what you found? If you don't mind messaging me that works also if your trying not to share here.
upslidedown
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@Handsome_Pumper, I'm curious too... emailed rmolnar but no answer. You are all welcome to reach out to me on discord/telegram or on here. Links are in my bio's "about me" section.
Handsome_Pumper
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@upslidedown, Thanks a lot brother! I'd love to hear what he's cooking up. Also I'll have a look tomorrow, but I like the indicators your providing!
rmolnar007.1
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@upslidedown, I have sent you a message please I hope you received it. If anyone should deserve to benefit from this genius indicator it is you for creating it. If you have not, then please directly email me rmolnar007.1(at)gmail(dot)com
Gero_PT
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Hi, I tested your indicator and it seems interesting. Problem is the default leght for longs is too long. I had a single long since August to the present. But I tried applying the same lengh as the shorts (21 I think), and the results seem interesting. Great work. Tks
upslidedown
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@Gero_PT, thanks for commenting. If you match the two values, all you're really doing is comparing a smoothed %R to a regular %R. I don't think that provides very much value over looking at the standard %R indicator (but can arguably give a trend a little bit of wiggle room I guess). The period of 112 is something I found in Freqtrade optimizations and has some interesting results on lower timeframe crypto charts (5/15/45/60/120m). That's why I set the default config the way it is. It won't catch every top/bottom and I'm perfectly ok with that!