Williams %R

Description
This is a modified version of the classic Williams %R oscillator, adapted for markets with defined trading sessions (e.g., FTSEMIB, DAX, US stocks, etc.). It adjusts the lookback period based on the actual trading session length, making it more accurate on intraday timeframes.

Key Features
Session Adjustment:
Automatically scales the period to trading days (default: 8.5 hours for FTSEMIB, DAX, CAC; customizable for any market).

Formula (classic Williams %R):
%R = 100 × (Close - Highest High) / (Highest High - Lowest Low)
over a user-defined period (default 14 days).

Standard Levels:
-20 (overbought)
-50 (middle line)
-80 (oversold)

Visual Enhancements:
- Customizable colors for the line, levels, and background fill
- Shaded overbought/oversold zone

How to Use:
Overbought (above -20):
Potential sell signal or reversal (especially after a prolonged uptrend).

Oversold (below -80):
Potential buy signal or reversal (especially after a downtrend).

Divergences:
Look for bullish/bearish divergences between price and %R for early reversal warnings.

Best Markets:
Indices (FTSEMIB, DAX, SPX), stocks, futures. For 24/7 markets (crypto), set session duration to 24 hours.

Timeframes:
Works on intraday (15m, 1h, etc.) and daily charts.

Customization Tips:
- Adjust the period (shorter = more sensitive, longer = smoother).
- Change session duration for different markets.
- Customize colors to match your chart theme.

Note: Williams %R is a momentum oscillator and should be used in combination with other tools (trendlines, support/resistance, volume). Always practice proper risk management.