Williams %R + RSI + EMA

The Williams %R + RSI + EMA indicator provides a comprehensive momentum and trend analysis toolkit by combining multiple classic oscillators and trend-following components into a single visual window. It allows traders to monitor the Williams %R, Relative Strength Index (RSI), and a customizable Exponential Moving Average (EMA) alongside trend backgrounds based on Ichimoku and EMA crossovers.

Usage

This tool can be used to identify overbought/oversold conditions and trend strength through the confluence of its components.

• Momentum Tracking: Users can observe the Williams %R (yellow) and RSI (red) to identify momentum shifts. When both are above the midline (50), bullish momentum is present.
• Trend Confirmation: The indicator features a dynamic background based on "Cross Tendance." Depending on the settings, the background color reflects the relationship between the Tenkan/Kijun lines or two user-defined EMAs. Green indicates a bullish trend, while red indicates a bearish trend.
• Signal Refinement: An EMA is plotted on top of the oscillators (defaulting to the Williams %R source) to help filter noise and provide crossover signals.
• Zones: If "3 Zones" is enabled, the background is divided into clear horizontal sections to highlight extreme levels.

Details

The script integrates several calculations to streamline market analysis:

• Williams %R: Calculated as a percentage ranging from 0 to 100 (inverted from the standard -100 to 0 scale for better alignment with RSI).
• RSI: A standard Relative Strength Index calculation.
• EMA Source: The EMA is unique in that it can be applied to the Williams %R, the RSI, or an average of both, providing a "signal line" for the chosen oscillator.
• Trend Logic: The background uses logic from the Ichimoku Kinko Hyo (Tenkan/Kijun) or specific EMA pairs (e.g., 9/18, 20/50) to provide a macro view of price direction.

Settings

RSI

• Length: The lookback period for the RSI calculation.
• Label Offset: Adjusts the horizontal position of the RSI label.

William %R

• Length: The lookback period for the Williams %R calculation.
• Label Offset: Adjusts the horizontal position of the %R label.

EMA

• Source: Choose whether the EMA is calculated based on Williams %R, RSI, or the Average of both.
• Length: The lookback period for the EMA.
• Label Offset: Adjusts the horizontal position of the EMA label.

Cross Tendance

• Display: Selection of the trend detection method (Tenkan/Kijun, Custom EMAs, or combinations).
• EMA Perso 1/2: Custom lengths for the EMA crossover logic if selected.
• Split Background: When enabled, allows the background to show two different trend signals simultaneously.

Zones & Lines

• Line High/Mid/Low: Customizable levels for the overbought (80), midline (50), and oversold (20) thresholds.
• 3 Zones: Toggles a specific 3-zone background coloring mode.

FAQ

How do I interpret the background colors?

The background colors represent the current trend based on the "Cross Tendance" setting. Generally, green represents a bullish crossover (e.g., Tenkan > Kijun) and red represents a bearish crossover.

Can I change the EMA to follow the RSI instead of the Williams %R?

Yes, in the EMA settings group, change the "Source" dropdown from "Williams %R" to "RSI."

How do I access the Williams %R + RSI + EMA indicator?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.