How to Add Williams Percent R Indicator on MT4 Charts
Step 1: Open Navigator Window on Software
Open Navigator panel as shown and illustrated below: Go to 'View' menu (click on it), then select 'Navigator' panel (click), or From Standard Tool Bar click 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double Click)
How Do I Add Williams Percent R Indicator on MT4 - MT4 Williams Percent R Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Williams Percent R MT4 Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the Williams Percent R chart indicator from this list of indicators so as to add the Williams Percent R indicator on the chart.
How Do You Add Williams Percent R Indicator - From the Above window you can then place Williams Percent R indicator that you want on the chart
How to Add Custom Williams Percent R Indicator to MT4
If the technical indicator you want to add is a custom indicator - for example if the Williams Percent R technical indicator you want to add is a custom indicator you will need to first add this custom Williams Percent R indicator on the MT4 platform & then compile custom Williams Percent R indicator so that the newly added Williams Percent R custom indicator pops up on the list of custom indicators in MT4.
To learn how to install Williams Percent R indicators on MT4, how to add Williams Percent R indicator window to MT4 and how to add Williams Percent R custom indicator in MT4 - How to add a custom Williams Percent R indicator in MT4.
About Williams Percent R Technical Indicator Explained
William Percent R Analysis and William Percent R Signals
William % R Technical Indicator Developed by Larry William
Williams % R indicator is pronounced as William's percent R indicator. William % R Technical Indicator is a momentum oscillator used to analyze overbought & oversold levels in the markets.
The William's % Range oscillator is similar to the Stochastic indicator, apart from that fact that the % R is plotted upside down on a negative scale that's from 0 to -100 and the indicator does not apply a smoothing factor.
William % R, Percentage R Indicator - Indicators
The William's % R indicator analyzes the association of the closing prices relative to the High and Low range over a selected number of n candlesticks.
- The closer the closing price of a candlestick is to the highest high of the range selected the closer to zero the % R reading will be.
- The closer the closing price of a candlestick is to the lowest low of the range selected the closer to -100 the % R reading will be.
When doing technical analysis a trader should ignore the minus sign placed before the value, for example -40, the - sign should be ignored, just remember the indictor values are placed in an upside down manner.
- At zero: If the closing price of the candle is equivalent to the highest high of the range the Williams Percent R reading will be 0.
- At -100: if the closing price of the candle is equivalent to the lowest low of the range the Williams Percent R reading will be -100.
Analysis of William's Percent R Technical Indicator
Overbought/Oversold Levels on Indicator
- Overbought- Williams % R values from 0 to -20 are considered overbought while
- Oversold- William's % R values from -80 to -100 are considered oversold.
As for overbought/oversold levels it's best to wait for a currency pair to change direction before taking a signal in opposite direction. For Example if a forex pair is oversold it's best to wait for the trend to reverse & start to head in an upwards direction before buying the forex pair.
Trend Reversal Signals
The William's % R indicator used to predict a trend reversal signal when trading a currency pair. William % R indicator always predict a reversal using the following technique
Bearish Reversal Signal- Williams % Range indicator forms a peak & turns down a few days before the price trend peaks and turns down. The example below shows % R giving a reversal signal before price starts to head down and change to a down trend.
Bearish Reversal Signal after Uptrend
Bullish Reversal Signal- Williams Percentage Range indicator forms a trough and turns up a few days before the price trend bottoms & turns up.
Bullish Reversal Signal after Downtrend
