WILL VAL Oscillator Using Relative-Price EMA Momentum
Summary
The document explains a WILL VAL oscillator attributed to Larry Williams. It measures the difference between two exponential moving averages applied to a relative price series, then rescales that difference against its recent maximum and minimum. The relative price is formed by dividing the chart instrument’s close by the close of a selected comparison instrument. The resulting bounded reading is intended to be interpreted with configurable overbought and oversold levels.
Inputs include the comparison instrument, two EMA periods, the lookback period, and the two threshold levels. The document illustrates calculations relative to EURJPY, XAUDUSD, and USDRUB, but supplies no trading rules, performance results, or validation of the thresholds. It also notes that the indicator must load historical data for the selected instrument, and that switching chart timeframes can prompt a redraw if the display is delayed or incorrect. The examples therefore show usage and setup rather than evidence of predictive value.
Key ideas
- WILL VAL applies two exponential moving averages to a ratio of chart price to a selected instrument’s price.
- It rescales the EMA difference using its recent range to produce an oscillator reading.
- Users set the comparison instrument, EMA periods, lookback, and overbought and oversold levels.
- The indicator needs historical data for the selected instrument, which may take time to load.
- The document provides example comparisons but no tested trading strategy or performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.