OPEN-SOURCE SCRIPT

VXN Williams %R

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This indicator is based on other open source scripts. It's designed for trading NASDAQ futures using the Williams %R oscillator combined with Bollinger Bands.

The Williams %R is calculated based on a user-defined source and period, then smoothed with a moving average (SMA, EMA, WMA, or RMA).

Bollinger Bands are applied to the scaled Williams %R to identify overbought and oversold conditions.

The background color reflects the trend of the VXN (CBOE NASDAQ Volatility Index):
- Green background: Indicates a bullish trend (VXN EMA < VXN SMA), suggesting long entries at green peaks (Williams %R crossing above the upper Bollinger Band).
- Red background: Indicates a bearish trend (VXN EMA > VXN SMA), suggesting short entries at red peaks (Williams %R crossing below the lower Bollinger Band).

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