This indicator helps you to find overbought and oversold prices based on William %R.

Input Description:

• Wperiod: Period for %R indicator.
• OverBoughtLevel: Define the overbought level for %R. Must in between 0 and -50.
• OverSoldLevel: Define the oversold level for %R. Must in between -50 and -100.
• middle_value: When true, indicator also draw the middle points between upper and lower line.
• shift: Set an additional offset to the indicator.
  

Several Notes:

Set 0 and -100 as Overbought and Oversold levels, and you get Donchian Channel!

Sometimes it would be wise to:

• Check your Trend Indicator when price is NOT inside the channel.
• BUY when Low is below the lower channel line and Close is inside the Channel.
• SELL when High is above the higher channel line and Close is inside the channel.