Setting up a WilliamsPercentR alert on Thinkorswim

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Hello! I am trying to set up an alert on thinkorswim platform with the Williams%R. The W%R has an overbought level of -20 and an oversold level of -80. I would like to add an alert that signals when the indicator crosses and closes below -20 and another alert for when the indicator crosses and closes above it’s -80 level. Closing would mean using the daily time frame candle closes. I am using a 5 period setting on the W%R. I also would like to use this on multiple forex pairs. Any help is greatly appreciated. Thanks!

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Posted by ChaosTrader63 (Questions: 1, Answers: 0)
Asked on October 15, 2019 5:51 am
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I am going to update your question title so that it includes the full name of your study. You used the '%' sign in place of the word 'percent'. This will make your post difficult for searching engines to locate when other viewers are searching for WilliamsPercentR in Thinkorswim.
(Pete Hahn at October 15, 2019 9:49 am)
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This only requires that we add 4 lines of code to the existing study. Here I have modified the source code that comes with Thinkorswim to make it easy to copy/paste.

declare lower;
input length = 10;
input overBought = -20;
input overSold = -80;
def hh = Highest(high, length);
def ll = Lowest(low, length);
def result = if hh == ll then -100 else (hh - close) / (hh - ll) * (-100);
plot wr = if result > 0 then 0 else result;
wr.SetDefaultColor(GetColor(1));
plot Over_Sold = overSold;
Over_Sold.SetDefaultColor(GetColor(8));
plot Over_Bought = overBought;
Over_Bought.SetDefaultColor(GetColor(8));
def crossBelowOB = wr[1] > overBought and wr < overBought;
def crossAboveOS = wr[1] < overSold and wr > overSold;
Alert(crossBelowOB[1], "WilliamsPercentR Overbought", Alert.BAR, Sound.RING);
Alert(crossAboveOS[1], "WilliamsPercentR, Oversold", Alert.BAR, Sound.RING);

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Posted by Pete Hahn (Questions: 37, Answers: 4153)
Answered on October 15, 2019 9:56 am
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