Using a WPR Midline as a Buy and Sell Trend Pivot

Summary

The indicator uses Williams Percent Range (WPR) to generate buy and sell signals. Its author first tried interpreting overbought and oversold readings as trend cues, but found that approach unreliable for their purposes and instead set the -50 level as a pivot for deciding direction.

The document presents this as an indicator adjustment rather than a tested trading system. It provides no market, timeframe, performance results, or rules for entries, exits, and risk controls. The author says the pivot can be changed back to overbought and oversold thresholds to suit the user. A second version is described as fixing a problem deleting chart objects in the earlier indicator, which is a software correction rather than evidence of trading effectiveness.

Key ideas

• The indicator uses WPR to inform buy and sell signals.
• The author uses the -50 WPR level as a pivot after finding overbought and oversold readings unsatisfactory.
• The pivot setting may be changed to overbought and oversold thresholds.
• The later version addresses a chart object deletion issue and provides no performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.