Williams %R indicator MT4 (Williams Percent Range) is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams %R may be used to find entry and exit points in the market.
Category: MT4 Indicators
Platform: Metatrader 4
Download link: At the end of the post.
Introduction- Williams R indicator MT4
- Williams %R moves between 0 and -100.
- above -20 is overbought
- below -80 is oversold.
The indicator is telling a trader where the current price is relative to the highest high over the last 14 periods (or whatever number of lookback periods is chosen).
As an oscillator, Williams %R tells you when a currency pair might be “overbought” or “oversold.”
If you invert the %R line, it will have the EXACT SAME LINE as Stochastic’s %K line!
This is why Williams %R uses the 0 to -100 scale while Stochastic is scaled from 0 to 100.
Download free Williams R indicator MT4
How To Install Custom MT4 Indicators On Mt4 (6 Simple Steps)
Step 1: Download The Indicator To Your Computer. Unzip (if any) to get .mq4 and/or .ex4 file
Step 2: Go To Your Mt4 Trading Platform And Click “Open Data Folder”
Step 3: Click open the “MQL4” folder
Step 4: Click Open the “Indicators” Folder
Step 5: Paste The Custom MT4 Indicator Into The “Indicators” Folder
Step 6: Close Your MT4 Trading Platform And Then Restart It