For installation of the Indicator Larry Williams's Range on the graphic, we should click the button Indicators at a toolbar and we should select from the appeared menu Oscillator - Williams percent range
After that, appears a window where we can change properties of the exposed indicator. We can select the averaging period, fix a maximum and a minimum, and also to change visual settings.
This indicator is called "the Percentage Range of Williams". Its values are in the range from 0 to –100 and on the type it belongs to the class of oscillators.
The calculation formula of the indicator is similar to a formula for Stochastics and looks as follows: Where: Close — the current price of closing; Max — the greatest maximum for n of the previous periods; Min — the smallest minimum for n of the previous periods.
On the properties it is extremely similar to Stochastic oscillator. However, there is no second line of smoothing due to the lack of smoothing, it is possible to use this indicator only by the principle of a overpurchase-oversold.
On the graphics it is possible to mark the moments when it is entered a overpurchase and an oversold at the beginning of a trend.
Nevertheless, it is possible to find also successful signals for an input.