Williams %R with Head & Shoulders Pattern Detection

What makes this indicator special?

This indicator merges two proven trading concepts into one powerful tool:

https://www.tradingview.com/x/vcnNeKTQ/

https://www.tradingview.com/x/TISr7Lo3/

1️⃣ Smoothed Williams %R
The classic Williams %R momentum oscillator is smoothed by an EMA to reduce market noise and deliver cleaner signals. The result: fewer false signals, better readability.

2️⃣ Automatic Pattern Recognition
The indicator continuously scans for the two most powerful reversal formations in technical analysis:

🔴 Head & Shoulders (Bearish) → Short signals
🟢 Inverse Head & Shoulders (Bullish) → Long signals

Why detect patterns in the oscillator instead of the chart?


Pattern formations in Williams %R often emerge earlier than in the price chart itself.
The momentum oscillator reveals weakness or strength before it manifests in price – a crucial timing advantage.

Features at a Glance

📊Dual Signal SystemCombines pattern-based entries with classic crossover signals

🎨 Full VisualizationShoulders, head, neckline, and entry levels are automatically drawn⚙️ Customizable ParametersSymmetry tolerance, pattern size, and visualization individually adjustable

🔔 Alert-ReadyPre-configured alerts for all signal types

📋 Live Status TableDisplays detected patterns and current %R value in real-time

Signal Logic
Pattern Entries:

SHORT: H&S detected + Williams %R crosses neckline downward
LONG: Inverse H&S detected + Williams %R crosses neckline upward

Simple Entries (additional):

Crossover at -80 (oversold → Long)
Crossunder at -23 (overbought → Short)

Recommended Settings
Default values are optimized for most timeframes. For higher timeframes (4H+), consider increasing shoulder tolerance to 20%.

⚠️ Disclaimer: This indicator is an analysis tool and not financial advice. Always combine signals with your own risk management and additional analysis.