What it does
Williams %R shows where the current close sits relative to the highest high of the lookback period, usually 14 bars, on a scale from 0 to -100. It is computed as (highest high minus close) divided by (highest high minus lowest low), times -100, making it the inverse of the Stochastic %K. Readings near 0 mean price is closing at the top of its recent range, near -100 the bottom.
Typeoscillatorseparate pane
How to add it
Click Indicators (ƒx) in the header.
Search “Williams %R” and click the result.
Hover its legend row and click the gear to open settings.
How traders use it
- Use -20 and -80 as the zones: above -20 is overbought, below -80 is oversold.
- Time entries with the trend: in an uptrend, wait for %R to dip below -80 and then hook back above it to buy the pullback.
- Watch failure swings: in a strong uptrend %R repeatedly reaching 0 to -20 shows persistent strength, while failure to reach the overbought zone on a rally hints at weakness.
- Pair it with a trend filter such as a 50-period moving average and only take oversold signals when price is above it.
Inputs
| Input | Type | Default | Range / Options |
|---|---|---|---|
| Length | number | 14 | 1–2000 |
| Upper Limit | number | -20 | -100–0 |
| Lower Limit | number | -80 | -100–0 |
| Hlines Background | boolean | On | — |
Plots & styling
| Plot | Style | Default color |
|---|---|---|
| %R(14) | line | #7E57C2 |
| UpperLimit | line | #787b86 |
| LowerLimit | line | #787b86 |
Every plot's color, line width and visibility can be changed on the Style tab. Precision (default 2 decimals), price-scale labels and status-line values are configurable at the bottom of the Style tab.
Tips
- Reference levels (where the study has them) are editable — tune them to the instrument you're trading.
- Hide the study from the legend eye instead of removing it when you only want it out of the way temporarily.
- Merge multiple oscillators into one pane from the legend ⋯ menu to compare them on a shared axis.
Watch out for
- Like all range-position oscillators it stays pinned at extremes during strong trends, so raw overbought/oversold readings are poor standalone signals.
- The default 14-period setting is noisy on low timeframes and prone to whipsaws.