Larry Williams' WILL VAL oscillator.

It has six input parameters:

  • Instrument - instrument name, relative to which the calculation is made
  • First EMA period - first exponential smoothing period
  • Second EMA period - second exponential smoothing period
  • Period - indicator calculation period
  • Overbought - overbought level
  • Oversold - oversold level

Calculation:

WV = 100.0 * (Value - Min) / (Max-Min)

where: 

Value = MA1-MA2
MA1 - EMA(Price, First EMA period)
MA2 - EMA(Price, Second EMA period)
Max, Min - maximum and minimum 'Value' values in the Period range
Price = Close(Current Instrument) / Close(Instrument)

_Keep in mind that the indicator needs to upload history data of a selected instrument during the first launch or when changing 'Instrument'. If the re-drawing does not occur quickly or the indicator is displayed incorrectly, simply switch the chart timeframe to accelerate the process and obtain a correct display.
_

Fig. 1. Calculation relative to EURJPY

Fig. 2. Calculation relative to XAUDUSD

Fig. 3. Calculation relative to USDRUB