Williams %R Zone Scalping with Optional Trend and Volatility Filters

Summary

This script defines a long and short scalping strategy around Williams %R threshold crossings. A long setup occurs when the oscillator crosses up through its oversold boundary; a short setup occurs when it crosses down through its overbought boundary. The default configuration enables a Supertrend direction filter, while the moving average, Choppiness Index, ADX, volume, and Bollinger Band width filters can be switched on independently.

Optional exits use ATR-based stop and target distances, and the script plots those levels alongside a dashboard showing position, equity, profit and loss, and indicator readings. The strategy declaration also specifies position sizing as a percentage of equity and a commission assumption. The document provides code and configurable rules, but no backtest results or evidence of performance. Its filters, thresholds, and risk settings therefore describe a testable framework rather than an established trading edge; results will depend on the instrument, timeframe, execution assumptions, and parameter choices.

Key ideas

• Long entries follow Williams %R crossing above the oversold threshold, while short entries follow a cross below the overbought threshold.
• The default Supertrend filter checks direction, and several additional trend, volume, and volatility filters are optional.
• ATR-based stop-loss and take-profit levels are available but disabled by default.
• The script includes a dashboard for monitoring strategy state and selected indicator values.
• No performance results are supplied, so the rules require independent testing.

Tags

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