Let's make some noizz: Colors, Signals and AlertSounds for Williams %R

Williams %R is a momentum indicator measuring overbought and oversold levels. It was developed by Larry Williams and compares a stock's close to the high-low range over a certain period of time, usually 14 bars. The indicator is also classified as an oscillator since the values fluctuate between 0 and -100. Williams %R is helpful to determine overbought and oversold conditions as well as reversals in market trends.

Per special request I adapted the Williams %R indicator available in thinkorswim's thinkDesktop. The full "suite" consists of three studies:
- WilliamsPercentR_Colors: the indicator in the sub pane with colored clouds and an average too.
- WilliamsPercentR_Signals: for plotting arrow signals to indicate reversals.
- WilliamsPercentR_Alerts: for sound alerts and notifications in Message Center (see chart).

Alert notifications may also be received by Email or SMS. Go to thinkDesktop's setup menu to adjust your notifications settings.

The thinkscript code for the studies is available in the comment section for copy/paste.