Dear All, i am also learning AFL exploration, thank you for all sharing here.
May I ask what is the code for indicator william's % R in AFL, i have tried WR and William's % but not successful
thanks
@de.yudi.dy why bother coding yet another oscillator. Did you read an article somewhere that tells you how great it is? And what does this mean ??
I thought it was a standard indicator in AmiBroker (at least it's in my copy though I may have put in my own there and forgotten?),
The Williams %R is the inverse of the Fast Stochastic Oscillator without the usual smoothing. IMHO it is important that you understand the formula of any indicator you are using, especially simple ones.
R = (Highest High – Closing Price) / (Highest High – Lowest Low) x (-100)
raw %K = (Current Close - Lowest Low)/(Highest High - Lowest Low) * 100
So the AmiBroker built in indicator with parameter's set to a one period smoothing give you the following plot's.
For me there is entertainment value in studying these indicators. Because a group of technical analysts who were selling "educational" courses in the 1950's developed the "stochastic" which had that name attached later (even though there is a word in the English language STOCHASTIC = "randomly determined; having a random probability distribution or pattern that may be analyzed statistically but may not be predicted precisely" that has NOTHING to do with this particular indicator).
George Lane was one of the group of analysts selling this material and he was credited with the invention of the stochastic.
A decade later analyst and big time promoter Larry William's essentially copied it and made a slight arithmetic change, then re-labelled it after himself!! Voila, the "new" William's Percent R. Years later Williams in an effort to deflect any criticism of his unoriginal work would slam George Lane as having stolen credit from the other researchers that he (Lane) had been working with in the 1950's when they developed the stochastic.
End of trivia lesson.
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