Williams %R

[CharlotteIG]

Jeremy Naylor has done a live piece with about Williams %R indicator. 

How Williams %R is used to show peaks and toughs in price action

Does anyone use this indicator and how do you use it in your trading day?

[Caseynotes]

very good video, nice use of PWR with a Bollinger Band filter, exactly as you should be reading the markets, looking for dip buying opportunities in an uptrend and using the right tools to fine tune entries. OBOS (overbought oversold) price exits are a great signal and I use them all the time.

[dmedin]

Great, will have a look tonight!  (RSI is my favourite though!)

[Caseynotes]

7 minutes ago, dmedin said:

Great, will have a look tonight!  (RSI is my favourite though!)

fair enough, you can see by the comparison below just how similar RSI, PWR and Stoch really are;

[dmedin]

4 minutes ago, Caseynotes said:

fair enough, you can see by the comparison below just how similar RSI, PWR and Stoch really are;

 

RSI is smoother and gives fewer signals, which to me is a good thing, because I would rather have fewer, more meaningful signals than lots of ups and downs of dubious quality.

[Caseynotes]

6 minutes ago, dmedin said:

 

RSI is smoother and gives fewer signals, which to me is a good thing, because I would rather have fewer, more meaningful signals than lots of ups and downs of dubious quality.

I would prefer the trigger indicator to signal all the potential entries and rely on a filter indicator to filter out the less probable ones, yes it will filter out some winning trades as well but so long as it filters out more losers than winners you are fine.