Description
The %R study is an overbought-oversold oscillator. It normalizes the price to the 0-100 range defined by the highest and lowest prices during several periods so that zero value suggests that the price is equal to or lower than the recent low, while the value equal to 100 indicates that the price has reached or overtaken the recent high.
The Overbought and Oversold levels are defined by default as 80 and 20 respectively (though the values can be changed according to one's preferences).
Input Parameters
| Parameter | Description |
|---|---|
length
|
The number of bars used to calculate the %R study. |
over sold
|
The oversold level. |
over bought
|
The overbought level. |
Plots
| Plot | Description |
|---|---|
%R
|
The %R indicator. |
OverBought
|
The overbought level. |
OverSold
|
The oversold level. |
Example*
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.