This indicator is a variation of a well known WPR (Williams Percent Range) indicator.

It is calculating a sort of 4 WPR values:

• WPR of Open.
• WPR of Close.
• WPR of High.
• WPR of Low.

Those 4 values are then combined into "candles". The calculation is not using the original WPR calculation. Instead it is adjusted to be able to calculate these 4 values. As a result 2 significant levels are now available.

• Level 0 (which unlike the original WPR, can be crossed up in this version).
• Level -100 (which unlike the original WPR, can be crossed down in this version).

That way, by observing the levels, possible overbought and oversold states can be assessed.