An indicator similar to Williams %R

[Rajat Bose <rajatkbose@xxxxxxxxx>]

List members,

Given below is an indicator, which is a variation of William's %R, used
by me in MetaStock 6.52. The structure of the indicator is similar to
that of Willams' %R. 

All I have done here is to substitute High and Low of any bar with that
of Bollinger Band Top and Bollinger Band Bottom. 

I have tested it on various time periods (for Bollinger Bands) using 2
std.dev., it sometimes gives an early indication of reversals than the
Williams' %R of the same period. Divergences have also been somewhat
better.

However, the structure shows that most of its properties are similar to
that of Williams' %R or for that matter any other overbought-oversold
indicator. 

Any comments, criticisms and/or suggestions in this regard would be
highly appreciated.

Thanks in advance. 

Rajat K Bose

MetaStock formula:

Periods := Input("Time Period", 3,50,5);
NumDev := Input("No. of Standard Deviations", 1,5,2);

(100*(C-BBandBot(C, Periods, S, NumDev))/((( BBandTop(C, Periods, S,
NumDev))-(BBandBot(C, Periods, S, NumDev)))))  


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