Skip to main content

Wilson Relative Price Channel for Amibroker (AFL)

kaiji over 16 years ago Amibroker (AFL)

  • Rating:
    4 / 5 (Votes 4)
  • Tags:
    amibroker, channel

The Wilson Relative Price Channel can be used to determine overbought and oversold conditions. For more information on using this indicator please see Leon Wilson’s book: “BreakThrough Trading – Revolutionary Thinking in Relative Analysis”

Indicator / Formula

Copy & Paste Friendly
periods = Param("Channel Periods", 34, 1, 250 );
smoothing = Param("Smoothing", 1, 1, 55 );
overbought = Param("Over Bought", 70, 50, 99 );
oversold = Param("Over Sold", 30, 1, 50 );
upperNeutralZone = Param("Upper Neutral Zone", 55, 50, 99 );
lowerNeutralZone = Param("Lower Neutral Zone", 45, 1, 50 );

r = RSI(periods);
OB = EMA( r - overbought, smoothing);
OS = EMA( r - oversold, smoothing );
UNZ = EMA( r - upperNeutralZone, smoothing );
LNZ = EMA( r - lowerNeutralZone, smoothing );
Chan1 = Close - Close * OB / 100;
Chan2 = Close - Close * UNZ / 100;
Chan3 = Close - Close * LNZ / 100;
Chan4 = Close - Close * OS / 100;

Plot( C, "Price", colorDefault, styleCandle );
Plot( Chan1, "", colorLightGrey );
Plot( Chan2, "", colorLightGrey, styleNoLabel | styleNoTitle );
PlotOHLC( Chan1, Chan1, Chan2, Chan2, "Upper Channel ", ParamColor("Upper Channel Color",ColorRGB( 220, 220, 220)), styleCloud ); 
Plot( Chan3, "", colorTurquoise );
Plot( Chan4, "", colorTurquoise, styleNoLabel | styleNoTitle );
PlotOHLC( Chan3, Chan3, Chan4, Chan4, "Lower Channel ", ParamColor("Lower Channel Color",ColorRGB( 200, 200, 255)), styleCloud );

2 comments

Leave Comment

Please login here to leave a comment.