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Prodigio Description:
Oscillator that calculates the current value compared with the total range from it's highest to lowest points over the past n-periods.


Further Explanation:

The %R study is an overbought-oversold oscillator. It normalizes the price to the 0-100 range defined by the highest and lowest prices during several periods so that zero value suggests that the price is equal to or lower than the recent low, while the value equal to 100 indicates that the price has reached or overtaken the recent high.

The Overbought and Oversold levels are defined by default as 80 and 20 respectively (though the values can be changed according to one's preferences). 


Screen Shot:


 declare lower;

 input length = 14;

input over_Sold = 20;

input over_Bought = 80;
def highest = Highest(high, length);
def divisor = highest - Lowest(low, length);
plot "%R" = if divisor equals 0 then 0 else 100 - 100 * (highest - close) / divisor;
plot OverBought = over_Bought;
plot OverSold = over_Sold;
"%R".DefineColor("OverBought", GetColor(5));
"%R".DefineColor("Normal", GetColor(7));
"%R".DefineColor("OverSold", GetColor(1));
"%R".AssignValueColor(if "%R" > over_Bought then "%R".color("OverBought") else if "%R" < over_Sold then "%R".color("OverSold") else "%R".color("Normal"));


WizNode Screen Shot:


 Wiz File: Percent R.wiz


See more: Discussions & Examples


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