This post focuses on customizable Williams’ %R factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.
Display Williams’ %R Values
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List symbols
Add Column Williams %R(14) as WillR_14
Apply to NSEThis scan calculates and shows the Williams’ %R values for all symbols listed on the NSE.
It’s important to mention that the scan doesn’t use the apostrophe (‘), which is typically part of the Williams’ %R indicator. In a ChartAlert scripting language scan, lines starting with an apostrophe are considered as “comments” and are not taken into account during the scanning process.
OPTION 1
Here’s one option for displaying the Williams’ %R values using different time periods. Listed below are the Williams’ %R values for various periods. Please note that we have used the shorter name “WillR” instead of “Williams %R” for brevity.
List symbols
Add Column WillR(14) as WillR_14
Add Column WillR(21) as WillR_21
Apply to NSEOPTION 2
Here we’re scanning for values of Williams’ %R for the 3 most recent bars.
List symbols
Add Column WillR(14) as WILLR
Add Column WillR(14) a bar ago as WILLR_1
Add Column WillR(14) 2 bars ago as WILLR_2
Apply to NSEWilliams’ %R (WillR) in Overbought Zone
Tags: william r overbought stocks, williams r overbought screener
List symbols where WillR(14) has been above -20 for the last 3 bars
Add Column WillR(14) as WILLR
Add Column WillR(14) 1 bar ago as WILLR14_1
Add Column WillR(14) 2 bars ago as WILLR14_2
Apply to NSEThis scan is designed to identify NSE symbols that have shown consistent high values of the 14-period Williams’ %R indicator above -20 over the past 3 periods. The scan report will also display the 14-period Williams’ %R values for the last 3 periods.
OPTION 1
If you want to focus solely on symbols where the Williams’ %R indicates an Overbought Zone, you can modify the original scan as follows:
List symbols where WillR(14) > -20
Add Column WillR(14) as WILLR
Add Column WillR(14) 1 bar ago as WILLR14_1
Add Column WillR(14) 2 bars ago as WILLR14_2
Apply to NSEWilliams’ %R (WillR) in Oversold Zone
Tags: oversold stocks, william r oversold stocks, williams r oversold stocks
List symbols where WillR(14) has been below -80 for the last 3 bars
Add Column WillR(14) as WILLR
Add Column WillR(14) 1 bar ago as WILLR14_1
Add Column WillR(14) 2 bars ago as WILLR14_2
Apply to NSEThis scan is designed to identify NSE symbols that meet specific criteria. It searches for symbols where the 14-period Williams’ %R indicator has consistently remained below -80 for the past 3 bars. The output scan report also includes the values of the 14-period Williams’ %R for the last 3 bars.
OPTION 1
If you want to modify the original scan to only find symbols where the Williams’ %R is in the Oversold Zone, you can make the following changes:
List symbols where WillR(14) < -80
Add Column WillR(14) as WILLR
Add Column WillR(14) 1 bar ago as WILLR14_1
Add Column WillR(14) 2 bars ago as WILLR14_2
Apply to NSEOverbought with a Declining Williams’ %R (WillR)
Tags: williams r overbought declining, williams r overbought decreasing, william r overbought stocks, williams r overbought screener
List symbols where WillR(14) has crossed below -20 after remaining above for 3 bars
Add Column WillR(14) as WILLR14
Apply to NSEThis scan searches for specific symbols by analyzing the 14-period Williams’ %R indicator. It focuses on situations where the %R indicator, which measures momentum, recently crossed below the -20 level. To identify these scenarios, it checks if the %R indicator had been consistently above the -20 level for the past 3 periods. The resulting scan report includes the 14-period Williams’ %R values for each symbol.
Oversold with an Improving Williams’ %R (WillR)
Tags: oversold stocks, williams r oversold increasing, williams r oversold improving, william r oversold stocks, williams r oversold stocks
List symbols where WillR(14) has crossed above -80 after remaining below for 3 bars
Add Column WillR(14) as WILLR14
Apply to NSEThis scan examines symbols to identify instances where the 14-period Williams’ %R indicator has recently crossed above the -80 level. Previously, it had stayed below the -80 level for 3 consecutive bars. The scan report also includes the 14-period Williams’ %R values for reference.
Williams’ %R Moving Average Bullish Crossover
Tags: williams r indicator crossover, williams r moving average crossover
List symbols where WillR(14) has crossed above EMA(3,WillR(14)) after remaining below for 3 bars
Add Column WillR(14) as WillR14
Add Column EMA(3,WillR(14)) as EMA3_WillR14
Apply to NSEThis scan examines symbols to identify instances where the 14-period Williams’ %R indicator has recently crossed above the 3-period Exponential Moving Average (EMA) of the indicator. This crossing occurs after the %R indicator has remained below the EMA for 3 consecutive bars. The scan report also includes the values of the 14-period Williams’ %R and the Moving Average.
OPTION 1
Additionally, we can include another filter to verify if the WillR(14) indicator is still below -80, indicating an oversold condition.
List symbols where WillR(14) has crossed above EMA(3,WillR(14)) after remaining below for 3 bars
And WillR(14)<-80
Add Column WillR(14) as WillR14
Add Column EMA(3,WillR(14)) as EMA3_WillR14
Apply to NSEOPTION 2
To change the Moving Average type, you can change “EMA” to “SMA” for Simple Moving Average. In the example provided below, we specifically use the Simple Moving Average and replace “EMA” with “SMA.” Furthermore, the scan focuses solely on identifying crossovers, regardless of the state of the symbols before the crossover.
List symbols where WillR(14) has crossed above SMA(3,WillR(14))
Add Column WillR(14) as WillR14
Add Column SMA(3,WillR(14)) as SMA_WillR14
Apply to NSEWilliams’ %R Moving Average Bearish Crossover
Tags: williams r indicator crossover, williams r moving average crossover
List symbols where WillR(14) has crossed below EMA(3,WillR(14)) after remaining above for 3 bars
Add Column WillR(14) as WillR14
Add Column EMA(3,WillR(14)) as EMA3_WillR14
Apply to NSEThis scan examines specific symbols for a particular condition: when the 14-period Williams’ %R indicator crosses below the 3-period Exponential Moving Average of the indicator, following a period of having been above the moving average for 3 bars. In the scan report, we provide the values of the 14-period Williams’ %R and the Moving Average.
OPTION 1
Additionally, we propose an optional enhancement to the scan. We suggest adding another filter to check if the WillR(14) indicator is still above -20, which indicates an overbought condition.
List symbols where WillR(14) has crossed below EMA(3,WillR(14)) after remaining above for 3 bars
And WillR(14)>-20
Add Column WillR(14) as WillR14
Add Column EMA(3,WillR(14)) as EMA3_WillR14
Apply to NSEOPTION 2
To change the type of Moving Average, you can easily switch from EMA (Exponential Moving Average) to SMA (Simple Moving Average) or any other desired type. In the following example, we have replaced EMA with SMA since it employs the Simple Moving Average. Additionally, the purpose of this scan is to identify crossovers, regardless of the state of the symbols before the crossover.
List symbols where WillR(14) has crossed below SMA(3,WillR(14))
Add Column WillR(14) as WillR14
Add Column SMA(3,WillR(14)) as SMA_WillR14
Apply to NSEBearish Williams’ %R Divergence
Tags: williams r bearish divergence, williams r divergence
List symbols where pattern is DivergenceBearWillR
'Plot WillR(14)
Apply to NSEThis scan is designed to identify symbols that show classic bearish divergence Williams’ %R. That is, it helps detect situations where the price of a stock is showing a downward trend while the Williams’ %R indicator suggests otherwise. By default, the scan uses a 14-bar time period to identify this classic divergence. It looks at the highest and lowest prices of the stock to determine the divergence, requiring a minimum of 5 bars to be considered.
If you want to look for hidden divergences, consider the option below.
OPTION 1
To find hidden divergences using a 21-period Williams’ %R, you can modify the original script as follows. In this case, the minimum number of bars required for analysis is set to 8. The output report will also include the calculated value of WillR(21):
List symbols where pattern is DivergenceBearWillR(21, Hidden, 8)
Add Column WillR(21) as WillR21
Apply to NSEBullish Williams’ %R Divergence
Tags: williams r bullish divergence, williams r divergence
List symbols where pattern is DivergenceBullWillR
'Plot WillR(14)
Apply to NSEThis scan is designed to identify symbols that show a typical Williams’ %R bullish divergence pattern. By default, the scan uses a time period of 14 bars to detect this type of divergence. It examines the highest and lowest prices to determine if a divergence exists, requiring a minimum of 5 bars to confirm.
If you want to look for hidden divergences, consider the option listed below.
OPTION 1
To identify hidden divergences using a 21-bar period for Williams’ %R, you can modify the original scan as follows. In this case, the minimum number of bars needed to analyze is set to 8. The resulting output report will also include the calculated value of WillR(21):
List symbols where pattern is DivergenceBullWillR (21, Hidden, 8)
Add Column WillR(21) as WillR21
Apply to NSEFor comprehensive insights into the Williams’ %R indicator, including its computation methodology, how to use Williams’ %R indicator in trading, as well as an exploration of its advantages and limitations as an indicator, click here.