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Williams %R with a Smoothed Moving Average and Threshold Channel

Article MQL5 code base
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Summary

This chart indicator overlays Williams %R (WPR) in the main price window alongside a moving average. The description distinguishes the oscillator, average, and a light channel whose boundaries correspond to the default overbought and oversold levels. Inputs allow users to set the WPR period, select an averaging method and smoothing parameters, adjust channel width, choose the applied price, change threshold levels, and shift the display horizontally.

The listed default WPR period is 14, with reference levels at -40 and -60; these are configurable settings, not evidence of profitable entry or exit signals. The document explains that the implementation depends on an external smoothing library, but it provides no trading rules, validation results, or risk analysis. It should be understood as an indicator visualization and configuration guide, not a tested strategy.

Key ideas

  • The indicator displays Williams %R and a moving average together in the main chart window.
  • The upper and lower channel borders correspond to configurable overbought and oversold levels.
  • Inputs control the oscillator period, averaging method, smoothing, channel width, price source, and display shift.
  • The described implementation relies on an external smoothing library.
  • The document supplies no evidence that the indicator settings produce profitable trades.

Tags

Technical indicatorsMean reversion

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