Wilson Relative Price Channel
Overview
The Wilson Relative Price Channel can be used to determine overbought and oversold conditions. For more information on using this tool please see Leon Wilson’s book: Breakthrough Trading
To add the tool to your chart, select the tool from the Price tool group, and left-click on the chart or indicator on which you wish to add the tool. Optuma will then draw the tool using the default settings.
Scripting Function: WRPC()
Actions & Properties
Actions
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add Technical Alert: When selected, a Technical Alert will be created for the selected security.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Wilson Relative Price Channel tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Wilson Relative Price Channel tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Wilson Relative Price Channel to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Channel Periods: The number of bars that are used in the calculation of the Wilson Relative Price Channel tool.
Smoothing: Allows you to adjust the number of bars used in the Moving Average component of the price channels’ calculation.
Over Bought: Can increase or decrease the OverBought level used for the calculation of the indicator, the default value is 70.
Over Sold: Can increase or decrease the OverSold level used for the calculation of the indicator, the default value is 30.
Upper Neutral Zone: Can increase or decrease the Upper Neutral Zone level used for the calculation of the indicator, the default value is 55.
Lower Neutral Zone: Can increase or decrease the Lower Neutral Zone level used for the calculation of the indicator, the default value is 45.
OverBought Style: This option expands to show the following:
- Line Style - The Line Style property allows you to adjust the type of the line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
- Line Width - Allows you to adjust the width of the lines. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to select the colour of the lines and also the OverBought shading. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
- Transparency - Use this slider bar to adjust the transparency of the OverBought lines and shading. Moving the slider to the left will increase the transparency of the tool.
OverSold Style: Expands to display the line properties of the OverSold style. The properties are identical to those listed in the OverBought Style.
Offset: Moves the indicator forward or backwards in time. The offset is measured in bars so a value of 2 will push the Wilson Relative Price Channel forward 2 bars and -2 will move the Wilson Relative Price Channel back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show in Price Scale: When selected the current Wilson Relative Price Channel value will be displayed in the Price Scale.