Naveen %R (140) Screener

Naveen %R (140) Screener
Description: The "Naveen %R (140) Screener" is a custom-built Pine Script indicator designed to identify oversold and overbought conditions in the cryptocurrency market. Tailored for traders who focus on altcoins, this indicator provides a sophisticated approach to market analysis using the Williams %R formula, adapted with a longer period of 140 to capture more extensive market cycles.

Features:

Longer Lookback Period: Utilizes a 140-period high and low to calculate the Williams %R, providing a broader view of market sentiment and potential reversals.
Oversold and Overbought Signals: Clearly marks oversold conditions when the indicator value falls below -95, and overbought conditions when it rises above -5.
Customizable Alerts: Traders can set alerts for oversold and overbought signals, enabling timely decisions based on specific trading strategies.
Visual Tools: Includes blue lines to display the Williams %R values, with red and green horizontal lines marking overbought and oversold thresholds, respectively.
Screener Compatibility: Optimized for use in TradingView’s cryptocurrency screener, allowing traders to filter and identify potential trading opportunities across multiple altcoins based on the indicator’s signals.
Use Case: Ideal for traders looking for a reliable technical tool to gauge extreme conditions in the altcoin markets. Whether you are a day trader aiming for quick turnovers or a long-term investor looking for entry and exit points, the Naveen %R (140) Screener helps you navigate the volatility with more confidence.

How to Use:

Apply the indicator to any cryptocurrency chart within TradingView.
Configure alerts to be notified when oversold or overbought conditions are met.
Use the output of this script to filter altcoins in the TradingView screener, helping you focus your analysis on coins that meet specific criteria set by the indicator.
Perfect for both new and experienced traders, the "Naveen %R (140) Screener" is a must-have tool in your trading arsenal to enhance your decision-making process and refine your trading strategies.