strategy · own pane · open source

Williams %R Mean Reversion

Deepwick · @deepwickv1Updated 2 Oct 2026▲ 0 users

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About

Williams %R mean reversion long-only: enter when %R drops below -80 (oversold), exit when it climbs above -20 (overbought).

Lower the entry threshold (e.g. -90) for fewer, more extreme entries.
14 is the standard lookback; shorter lengths are more reactive.
Combine with a higher-timeframe trend to filter against the prevailing move.

Source code

//@version=5
strategy("Williams %R Mean Reversion", overlay=false, initial_capital=10000, default_qty_type=strategy.percent_of_equity, default_qty_value=10, commission_type=strategy.commission.percent, commission_value=0.05)
len = input.int(14, "Length", minval=5, maxval=50, step=1)
stopPct = input.float(2, "Stop Loss %", minval=0.5, maxval=10, step=0.1)
tpPct = input.float(6, "Take Profit %", minval=0, maxval=20, step=0.1)
w = ta.wpr(len)
longSignal = strategy.position_size == 0 and w < -80
exitSignal = strategy.position_size > 0 and w > -20
if longSignal
    strategy.entry("Long", strategy.long)
if strategy.position_size > 0
    strategy.exit("Risk", stop=stopPct > 0 ? strategy.position_avg_price * (1 - stopPct / 100) : na, limit=tpPct > 0 ? strategy.position_avg_price * (1 + tpPct / 100) : na)
if exitSignal
    strategy.close("Long", comment="%R exit")
hline(-20, "Overbought", color=color.gray, linestyle=hline.style_dashed)
hline(-80, "Oversold", color=color.gray, linestyle=hline.style_dashed)
p_Williams__R = plot(w, "Williams %R", color=color.purple, linewidth=2)
plotshape(longSignal, "Long", style=shape.triangleup, location=location.belowbar, color=color.green, text="L")
plotshape(exitSignal, "Exit", style=shape.triangledown, location=location.abovebar, color=color.red, text="X")
alertcondition(longSignal, "Williams %R long entry", "Williams %R dropped below -80")
alertcondition(exitSignal, "Williams %R exit", "Williams %R climbed above -20")

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