%R or Williams %R is an oscillator showing the current closing price in relation to the high and low of the past N bars. It was developed by a publisher and promoter of trading materials, Larry Williams. Its purpose is to tell whether a stock or commodity market is trading near the high or the low, or somewhere in between, of its recent trading range.
Length( 14 ) sets the number of previous bars used for calculation of the Williams %R value
OverSold( 20 ) sets the OverBought level
OverBought( 80 ) sets the OverSold level
OverSColor( Cyan ) sets the color of the plot in OverSold area
OverBColor( Red )sets the color of the plot in OverBought area