The %R indicator was developed by Larry Williams and introduced in his 1979 book How I Made $1,000,000 Trading Commodities Last Year. Williams %R is similar to a stochastic oscillator, as it normalizes the price as a percentage between 0 and 100. It is basically an inverted version of the 'Raw %K' value of a Fast Stochastic.
Selecting the Williams %R indicator allows you to set the Period (as number of minutes) and the color of the result.
(\%R = -100 * ( ( Highest High - Close) / ( Highest High - Lowest Low ) )\)