WilliamPro_Go

#volume #smartmoney #sentiment 

Creator : Larry Williams

The William Pro Go indicator is an accumulation distribution indicator. When we plot the William Pro Go indicator, two lines are displayed below the chart.

Default period: 14 (smoothing)

1 – The green line is a public accumulation distribution line

2 – The red line is a professional accumulation distribution line

It is a bullish sign when the professional accumulation distribution line is above the public accumulation distribution line. It is a bearish sign when the professional line is below the public line.

Pro line rising indicates professionals are buying. Pro line falling indicates professionals are selling. 

The Pro line matters most; the Public line is the contrast. 

Useful readings: 

Pro line rising with price: Professionals driving the rally, healthy 

Pro line falling while price rises: Rally powered by amateur opens only, fragile 

Pro line rising while price falls: Professionals buying the decline, bottom clue 

Pro and Public lines split apart: Crowds disagree, follow the professionals 

Pro line makes higher low while price makes lower low: Bullish divergence from smart money 

Best on daily charts of liquid stocks and indices 

Objective rules: 

Bullish: Pro line crosses above its 14-period average. 

Bearish: Pro line crosses below its 14-period average. 

Divergence rule: Price at new low but Pro line above its last low, prepare to buy on a price trigger 

Fragile rally rule: Price at new high but Pro line falling, tighten stops on longs 

Confirmation filter: Take breakout trades only when the Pro line is rising 

What makes it unique: 

It is the only common tool that splits each day between two crowds – amateurs at the open, professionals at the close. When the two lines disagree, it names who is buying. 

The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.

This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.

The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.