概要信息：

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短线操作生存和发展法则
Short line operation laws of the survival and 
development 
拉瑞·威廉姆斯(Larry Williams)
 
1、生存是第一位
1, survival is the first 
 
这并不是陈词滥调，投机是非常危险的活动。投机非并输赢那样简单，首要的任务是在顶
峰和谷底之间的波动中生存，如果连生存都做不到，你根本就没有谈及赢的资格。
This is not a cliche, speculation is a very dangerous activity. Speculation and is as simple as 
winning or losing, the priority is between the top and bottom of fluctuations in survival, if even 
survive all can't do that, you won't have talked about the qualification of win. 
生存的第一要求是你所有的交易都需要有依据。坊间传闻、他人的提醒、天气不错、或者
自己今天感觉很好之类的理由都不足以成为交易的依据。这个依据应该是有事实或者道理
作为基础，才能成为你行动的前提。短线交易者和长线投资者所需的前提虽然有所不同，
但都必须符合逻辑、能够提供确实有效的帮助。交易者和投资者应该在买入之前花费更多
的功夫，而不是根据一个荒谬的理由花出数十万元。
Survival is the first requirement of all your trading needs to have a basis. Anecdotal hearsay, the 
remind of others, it's nice weather, or feel very good today such as reason enough to become the 
basis of a deal. This should be based on the fact or truth as the foundation, the premise of can 
become your actions. Short-term traders and long-term investors needed are different, but must be 
logical, can provide effective help. Traders and investors should spend more time before buying, 
rather than on a ridiculous reason to spend hundreds of thousands of yuan. 
不可否认，存在某些方法和理论能够告诉你市场会如何、怎么以及什么时间去运动，但这
些有用的方法不多。市场上更多的方法和理论是无效的。在进入金融市场疯狂之前，建议
大家先花费足够的时间来了解这些关键的东西。
There is no denying the fact that there is some method and theory can tell how would you market, 
how and what time to exercise, but these few useful methods. More on the market method and 
theory is invalid. Before getting into financial market madness, it is recommended that you spend 
enough time to get to know the first key things. 
即使有了好的资金管理、正确的系统和行动的前提，还有一点非常重要，控制好你自己。
Even with good money management, the right system and the premise of action, it is also very 
important, good control of yourself. 
 
２。一切终究还是情绪的游戏
2. Everything is emotional game 
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任何时候，只要涉及到了你的金钱，你的血液就会沸腾、手心沁出汗水、神经系统塞满了
各种荒唐的情绪而出现短路。这就使得在本来应该卖出的时刻，很多交易者还在买入；或
是因为恐惧心理让他们远离了那些本可以成为伟大投资和交易的机会；也许，是他们的赌
注下得太大，让他们有些心惊肉怕。这时候，决策的制订就成为了被情绪驱动的奴仆，理
性和逻辑的身影却消失不见。
Whenever in your money, your blood would boil, beaded palms sweat, crammed with all sorts of 
absurd mood the nervous system, a short circuit. This makes the should have sold, still buy many 
traders; Or because of fear to let them away from those who could have become great investment 
and trade opportunities; Perhaps, it is their bets too big, let their hearts some meat. At that time, 
the process of making the decision became slaves to be driven, rational and logical but disappear. 
 
３。贪婪盛行-证明你自己更多地受贪婪的驱使而不是受害怕的影响
3. Greed prevails - prove yourself more motivated by greed and is not affected by fear 
 
如果你认为自己是一个投机者，这意味着一个简单的事实：你应该比一般人少些恐惧。驱
使你的动力是赚钱和盈利。
If you think you are a speculator, this means that a simple fact: you should be less than the average 
person fear. Drive your motivation is to make money and profit. 
投机者易受贪婪驱使，这使得贪婪成为了他们最为致命的弱点。贪婪让人抱有不切实际的
希望，驱使你继续持有已经亏损的头寸。而希望则是交易者最坏的敌人，它常常让人陷入
巨额盈利的美梦中，而忘了现实世界的真实模样。而投机的世界拥有着残酷的真实，巨大
的亏损会让人一无所有、婚姻破裂、家庭分崩离析。拉里自己总是非常严肃的对待这些问
题，以此来警示自己不可被贪婪蒙蔽了双眼，来帮助他进行自我控制。每个人对于自己的
贪婪都有不同的办法，拉里自己的办法只是提供一个借鉴。但他强调，要想在市场生存就
一定要能够控制自己。
Speculators are susceptible to greed, this makes greed the weaknesses in their most lethal. Greed 
makes people have unrealistic hope that drives you to continue holding has loss position. And 
hope is traders worst enemy, it often makes people into huge profits in the dream, and forget the 
reality of the real world. And speculation in the world with the cruel reality, huge losses can let a 
person has nothing, marriage, family apart. Larry himself was always very serious about these 
problems, in order to alert yourself not to be blinded by greed eyes, to help him to control myself. 
Everyone for their own greed has a different way, larry himself to just provide a reference. But he 
stressed that to survive in the market has to be able to control myself. 
 
　　４．恐惧让你想要逃避-但有时候你必须要承担风险
4. Fear makes you want to escape - but sometimes you have to take risks 
 
　　恐惧让人想要逃避，让人停止本应该去做的事情。恐惧让你逃出能够继续盈利的交易、
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让你面对亏损中的头寸再三犹豫。恐惧让人常常做出那些本不该做的事情，却让人不敢去
做那些本应去做的事情。
Fear to let a person want to escape, let a person stops should have to do. Fear can hold you escape 
to continue, let your face losses profitable trades in positions much hesitation. Fear often make 
those who shouldn't have to do, but let a person dare not to do what should to do. 
　　心理学家认为，恐惧经常让人面对危险时失去正常的反应。投机者就像是被高速驶来
的汽车车灯照射到的小鹿一样，他们看到危险正在迎面而来，但却无法做出任何该有的反
应。
Psychologists believe that fear often make people lose the normal reaction in the face of danger. 
Speculators coming was like a high speed car headlights illuminate to the fawn, they saw the 
danger is approaching, but it will not make any response. 
　　更坏的是，他们还会错过赢利的交易。为什么呢？根据拉里自己的经验，越是可能成
为大的盈利机会，持有头寸的过程越是让他心惊肉跳。他说有很多的投资者都是被自己吓
跑的。
Worse, they will miss the profitable trading. Why is that? According to larry's own experience, the 
more likely to become big profit opportunities, holding positions process the willies. He said that 
there are a lot of investors are scared myself. 
 
　　5．好的资金管理才能创造财富
5. Good money management in order to create wealth 
 
　　拉里-威廉姆斯最为人所称道的是他获得罗宾斯杯期货交易冠军赛总冠军时的交易成绩。
罗宾斯杯期货交易冠军赛是一项真实资金交易的期货比赛，为期 12 个月，交易者的初始资
金为 1 万美元。拉里-威廉姆斯在短短的 12 个月中，取得了超过 100 倍的惊人收益，比赛
结束时他的资金达到了超过 110 万美元。很多年来人们都不断地向拉里询问他成功的心得，
拉里也乐于回答。拉里说他的成功并非依靠什么伟大的交易能力，而是依靠了充分计划并
且比较激进的资金管理方式。拉里对头寸的买卖以及资金情况进行了有效的管理和控制。
Larry Williams, his most prized for Robbins cup futures trading when the championship title. 
Robbins cup championship futures trading is a real money trading of futures, for 12 months, 
traders initial funding of $10000. Larry Williams, in just 12 months surprising benefits of more 
than 100 times, at the end of the game he reached more than 1.1 million dollars. For many years 
people constantly ask larry for his successful experience, larry also willing to answer. Larry said 
his success does not depend on what a great ability to trade, relying instead on the fully plan and 
radical way of money management. Larry positions of buying and selling and money for the 
effective management and control. 
　　十年后，拉里 16 岁大的女儿也参加了这项比赛，期末收益和本金达到 11 万美元，也
成功地夺得了冠军（这是罗宾斯期货交易冠军赛 20 年来的第二好成绩，仅次于拉里本人的
记录）。拉里称她女儿也没有任何的交易秘密、任何神奇的图表、线或者公式，仅仅也是
采用了拥有出色的资金管理规划的交易系统。
Ten years later, larry 16 year old daughter also took part in the game, the final yield and the 
principal of $110000, also successfully won the championship (this is Robbins futures trading 
championship in 20 years of the second good result, second only to larry's own record). Larry said 
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her daughter do not have any trade secrets, any magic formula of chart, line, or just is adopted 
with good money management plan of trading systems. 
 
　　6．大资金并非用于下大注
6. Big money is not used to make big bets 
 
　　拉里提到过一类交易者，包括杰西-利佛莫尔、John Warne Gates、维克多-尼德霍夫、
弗兰克-乔都属于这一类交易者。他们都有过辉煌，但最终都败在了大资金以及大赌注上。
Larry mentioned kind of traders, Jesse livermore, including Moore, John Warne Gates, victor 
niederhoffer, frank Joe belong to this type of traders. They have seen better, but eventually lost in 
the big money and big bets on. 
　　聪明的运用资金，永远不要压过大的赌注。因为孤注一掷导致的损失就会让你在市场
上灭亡，记住拉里说过的第一条：生存是第一位。
The use of smart money, never too much pressure bet. As a desperate lead to the loss of will let 
you perish in the market, remember larry said the first: survival is the first. 
　　就像俄罗斯轮盘赌一样，也许你认为你赢过很多次，还没有输过。但长期以此下注，
最终的结果只有一个：死亡。在投机市场也是一样，长期下大赌注只会让你最后成为输家。
一味的猛打猛冲注定是个输家的游戏，这样的方式就注定了交易者的失败。拉里称他自己
从来不会投入过多资金，每次只投入账户里的小部分资金，这是控制损失的有效办法。
Like Russian roulette, maybe you think you won a lot of time, has not been lost. But to bet on for 
a long time, the end result is only one: death. Long-term big bets in the speculative market, too, 
will only make you eventually become a loser. Blindly dashed down doomed was a loser of the 
game, this way can point it is destined to failure. Larry said he never paid too much money, at a 
time into a small portion of the funds in the account, it is a effective way to control the loss. 
 
　　7．从亏损预期出发
7. Start from expected losses 
 
　　拉里认为作为一个交易者，他拥有的最大财富和信念是他总是从亏损预期出发。而多
数人总是预期下一次交易会盈利，可惜事实常常相反。有人甚至会参与某种活动或者专门
的培训来帮助保持乐观，他们还会参加课程来告诉自己未来是光明的，他们深信他们的下
一次交易会成功。
Larry thinks as a trader, he owns he always is the biggest wealth and belief from expected losses. 
And most people always expect the next fair profit, but the truth is often the opposite. Someone 
may even participate in some activities or specialized training to help keep optimistic, they will 
also attend classes to tell your future is bright, they believe that their fair success next time. 
　　拉里则是完全相反的人，他总是先往坏的预期考虑。他曾对采访他的人提出这样一些
问题：同这类人相比，你觉得谁会在市场里采取正确的行动，谁会在市场中由着毫无理性
的想法行事？拉里评价说盲目的乐观在市场中是行不通的，这样的人没有办法正确及时地
采取行动。而我的出发点总是能够让我在各种情况下采取措施来进行自我保护。
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Larry is exactly the opposite, he always at worst expectations first consideration. He had to ask to 
interview him some question: compared with this kind of person, who do you think will the 
correct action in the market, who will be in the market by irrational ideas to do the right thing? 
Larry said blind optimism in the market is it won't work, so people have no way to correctly and 
timely action. And my starting point is always can let me take measures to protect themselves in 
all situations. 
 
　　8．你的财富将来自于你的专注
8. Your fortune will come from your focus 
 
　　拉里认为一个穿梭于所有交易市场的人永远不可能成为成功的交易者，为什么？因为
交易者需要专注于市场，要留意于许多细节的发生而无暇四顾。在交易中的分心是会带来
成本的。注意力分散可能使你错会一次重要的交易，或者导致巨大的损失。
Larry thinks a shuttle in all market can never become a successful trader, why? Because traders 
need to focus on the market, pay attention to many details in to finding. In distraction would cost 
in the deal. Distraction might make you get blank brains an important deal, or lead to a huge loss. 
　　专注，在拉里看来，不仅仅意味着集中于当前的任务，更意味着交易视野应该集中在
一到两个市场之中或者在交易方法使用上的专注。像那些伟大的运动员，一定有自己专长
的项目；艺术家最伟大的成就也限于少数领域。无论从事什么职业，专注程度越高，能够
取得的成就也越大。
Focus, in larry's point of view, means more than just focused on the task of the current, more 
means trading horizons should focus on one or two market or focus on trading method used. Like 
the great athletes, must have their own expertise in project; The artist's greatest achievement is 
limited to a few areas. No matter what occupation, the higher the concentration, can be achieved. 
 
　　9．在犹豫困惑难以抉择时，请参考第一条.
9. When torn confused hesitation, please refer to the first. 
附：威廉指标
Add: William indicators 
　　这个指标是由 LarryWilliams 于 1973 年首创的，WMS 表示的是市场处于超买还是超卖
状态。WMS 的计算公式是：n 日 WMS＝（Hn－Ct）/(Hn－Ln)×100。Ct 为当天的收盘价；
Hn 和 Ln 是最近 n 日内（包括当天）出现的最高价和最低价。WMS 指标表示的涵义是当
天的收盘价在过去的一段日子的全部价格范围内所处的相对位置。如果 WMS 的值比较大，
则当天的价格处在相对较低的位置，要注意反弹；如果 WMS 的值比较小，则当天的价格
处在相对较高的位置，要注意回落；WMS 取值居中，在 50 左右，则价格上下的可能性都
有。
This metric is by LarryWilliams pioneered in 1973, WMS represents market in overbought or 
oversold. WMS calculation formula is: n day WMS = (Hn - Ct)/(Hn - Ln) by 100. Computed 
tomography (Ct) for the day's closing price; Hn and Ln n most recent days (including) on the day 
of the highest and the lowest price. WMS index representation of meaning is the closing price of 
the day in the past a few days all of the price range of the relative position. If the value of the 
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WMS is bigger, then the price of the day in relatively low position, pay attention to the rebound. If 
the value of the WMS is small, the price of the day in relatively high position, pay attention to the 
back; WMS values centered around 50, is the possibility of price fluctuation. 
　　有两个常用威廉指标，W&R 威廉指标(William’s %R)和 LWR 威廉指标，它们与
KD 指标的分析思想相同。KD 是相对价位指标，其数学表达式是“当前价位与分析区域中
的最低价之差除以分析区域中的波动幅度”。而威廉指标的数学表达式是“分析区域中的
最高价与当前价位之差除以分析区域中的波动幅度”。两个指标的不同点在数学公式的分
子上。威廉指标与 KD 指标的数学关系如下：
There are two commonly used indicators, William W&R William index (William 's % R) and 
LWR William indicators, they the same as the idea of KD index. KD is relative price index, and 
its mathematical expression is "the current price and analysis the difference between the area of 
the lowest price volatility" of the area of the divided by the analysis. And William index 
mathematical expression is "analysis of the difference between the highest price and the current 
price divided by the analysis of the area of the volatility of the area of the". Two indicators of 
differences on the mathematical formulas of molecules. William and KD indicators mathematical 
relationship is as follows: 
　　威廉指标=1-KD 指标
William = 1 - KD indicators 
　　由于 KD 与威廉指标都是用百分比表示的，因此在波形上，威廉指标与 KD 指标的波
形完全对称、上下颠倒。
Because of KD and William indexes are expressed as a percentage, therefore on the waveform, 
William and KD indicators of waveform symmetry, upside down completely. 
　　一、WMS％R 原理及计算
A, WMS % R principle and calculation 
　　计算公式：
Formula: 
　　H－C
H - C 
　　N 日 WMS%R＝───×100%
WMS % R = N day ─ ─ ─ x 100% 
　　H－L
H - L 
　　式中：H──N 日内的最高价；
Type: H ─ ─ the highest N days; 
　　L──N 日内的最低价；
L ─ ─ N days of the lowest price; 
　　C──最后的收盘价。
C ─ ─ the last closing price. 
　　从算式可看到两点：
Can be seen from the formula: 
　　①它是以 N 日内市场空方的力道（H - c）与多空总力道（H - L）之比率，以此研判市
势。
(1) it is empty square N days market strength (H - c) and the total strength of long-short ratio (H - 
L), and to this city. 
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　　②它是一个随机性很强的波动指标，本质上与 KDJ 理论中的未成熟随机指标 RSV 无
异。
(2) it is a strong volatility index, the randomness of the immature of KDJ theory essentially 
random index of RSV. 
　　二、WMS％R 的应用
Second, the application of WMS % R 
　　1、0≤WMS％R≤100.由于 WMS％R 以研究空方力道为主，这与其它相似的振荡性指
标以研究多方力道为主恰好相反，因此，WMS％R 80 以上为超卖区，20 以下为超买区。
通常，为适应观察者的视觉感受，在图表的区间坐标上，将向下的方向处理为数值增大的
方向。
1, 0 or less WMS % R 100 or less. Because of the WMS % R is given priority to with empty Fang 
Li research way, this and other similar oscillation index is given priority to with research strength 
in many ways, to the contrary, as a result, the WMS % R above 80 for the oversold zone, 20 below 
is overbought zone. Normally, in order to adapt to the visual perception of the observer, the 
diagram of the interval on the coordinates, the downward in the direction of the handle to the 
orientation of value increase. 
　　2.由于其随机性强的缘故，若其进入超买区时，并不表示价格会马上回落，只要仍在
其间波动，则仍为强势。当高出超买线（WMS％R=20）时，才发出卖出信号。
2. Because of its strong randomicity, if it into overbought zone, doesn't mean that the price will be 
back soon, as long as still there, still as strong. When higher overbought line (WMS % R = 20), 
then issue a sell signal. 
　　3.同上理，当低过超卖线（WMS％R=80）时，才发出买入信号。
3. Same as above, when low oversold line (WMS % R = 80), the only signal to buy. 
　　4.WMS％R=50 是多空平衡线，升破或跌破此线，是稳健投资者的买卖信号。
4. WMS % R = 50 is more empty line of balance, above or below the line, is prudent investors buy 
and sell signals. 
　　5.公式中 N 的取值通常有 6、12、26、等，分别对应短期、中短期、中期的分析。
5. The formula N values usually have 6, 12, 26, etc., corresponding analysis of short-term, 
medium-term, medium respectively. 
　　一、W&R 威廉指标(William’s %R)
A, W&R William index (William 's % R) 
　　N:14
N: 14 
　　(HHV(HIGH,N)-CLOSE)/(HHV(HIGH,N)-LLV(LOW,N))*100
(HHV (HIGH, N) - CLOSE)/(HHV (HIGH, N) - LLV (LOW, N)) * 100 
　　请对照一下《道升随笔：股票炒作手法与选股策略十六》文中的 KD 指标中的 RSV，
RSV 的数学公式为：
Please look at the way l essays: stock speculation technique and choose a strategy of 16 "the text 
of the KD index of RSV, RSV mathematical formula is: 
　　N：9
N: 9 
　　RSV：=（CLOSE-LLV（LOW，N））/（HHV（HIGH，N）-LLV（LOW，N））
*100；
RSV: = (CLOSE - LLV (LOW, N))/(HHV (HIGH, N) - LLV (LOW, N)) * 100; 
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　　除了分析周期 N 的大小不同外，它们之间数学表达有如下关系：
In addition to the analysis of cycle N different sizes, the mathematical expression between them 
has the following relationship: 
　　W&R 威廉指标=1-“KD 指标中的 RSV”
W&R index = 1 - William "RSV in KD indicators" 
　　请做个小实验，在 W&R 威廉指标中添加 KD 中的 RSV 表达式：
Please do a little experiment, KD is added in the W&R William index of RSV expressions: 
　　RSV：（CLOSE-LLV（LOW，N））/（HHV（HIGH，N）-LLV（LOW，N））
*100；
RSV: (CLOSE - LLV (LOW, N))/(HHV (HIGH, N) - LLV (LOW, N)) * 100; 
　　那么修改后的 W&R 威廉指标中就有两条完全上下对称的曲线。
Then the modified W&R William indicators are two completely symmetrical curve up and down. 
　　在《道升随笔：股票炒作手法与选股策略十六》中说过“如果 9 日内收盘价创新高，
则 RSV 将变成 100%，如果创新低将变成 0。若直接使用 RSV 来描述相对位置，RSV 很容
易钝化。RSV 曲线从低位到高位(或者从高位到低位)花时较短，花在钝化区的时间反而较
长，并且曲线上有许多钝化的盲区。”正是由于 9 日的分析周期太短，威廉指标中才采取
了较大的分析周期 14。利用 RSV 曲线容易在 100%和 0 %钝化的事实，可从中提前发现市
场超买和超卖的特征。
In the rise of essays: stock speculation technique and choose a strategy of 16 "in the said" if the 9 
days record closing, RSV will be 100%, if low innovation will be zero. If the direct use of RSV to 
describe the relative position, RSV easily passivated. RSV curve from low to high (or from high to 
low) shorter flower, flower in the passivation instead, time is longer, and the curve, there are many 
passivation blind spots." Analysis cycle is too short, it is because of 9, William index of 14 to take 
the larger analysis cycle. Use of RSV curve were 100% and 0% in passivation fact, to find the 
market ahead of the features of overbought and oversold. 
　　超买状态：在分析周期中，如果股价创新高，进入了较高的风险区，股价随时可能回
落，RSV 曲线高位钝化，可看成进入了超买风险区，这时应该谨慎买入。
Overbought condition: on the analysis of the cycle, if the stock record, entered the high risk area, 
stock prices may fall at any time, RSV passivation curve is high, can be introduced into the 
overbought as risk area, at this time should be cautious to buy. 
　　超卖状态：在分析周期中，如果股价创新低，进入了较低的风险区，股价随时可能反
弹，RSV 曲线低位钝化，可看成进入了超卖风险区，这时应该谨慎卖出。
Oversold condition: on the analysis of the cycle, if the shares to a record low, entered the low risk 
area, share prices could rebound at any time, RSV curve passivation, low can be introduced into 
the oversold as risk area, sell at this time should be careful. 
　　W&R 威廉指标主要用来说明超买和超卖状态。与 KDJ 相反，W&R 威廉指标曲线超
过 80%说明是超卖，反之跌破 20%是超买。
W&R William indicators are mainly used for show overbought and oversold. Contrary to KDJ, 
W&R index curve is more than 80% that are oversold, William vice fell below 20% is overbought. 
　　二、LWR 威廉指标
Second, the LWR William indicators 
　　数学表达式：
Mathematical expressions: 
　　N：9
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N: 9 
　　M1：3
M1:3 
　　M2：3
M2:3 
　　RSV：=（HHV（HIGH，N）-CLOSE）/（HHV（HIGH，N）-LLV（LOW，N））
*100；
RSV: = (HHV (HIGH, N) - CLOSE)/(HHV (HIGH, N) - LLV (LOW, N)) * 100; 
　　LWR1：SMA（RSV，M1，1）；
LWR1: SMA (RSV, M1, 1); 
　　LWR2：SMA（LWR1，M2，1）；
LWR2: SMA (LWR1, M2, 1); 
　　请比较下列的 KD 随机指标数学表达式：
Please compare a KD stochastic mathematical expressions of the following: 
　　N：9
N: 9 
　　M1：3
M1:3 
　　M2：3
M2:3 
　　RSV：=（CLOSE-LLV（LOW，N））/（HHV（HIGH，N）-LLV（LOW，N））
*100；
RSV: = (CLOSE - LLV (LOW, N))/(HHV (HIGH, N) - LLV (LOW, N)) * 100; 
　　K：SMA（RSV，M1，1）；
K: SMA (RSV, M1, 1); 
　　D：SMA（K，M2，1）；
D: SMA (K, M2, 1); 
　　比较结果：LWR 威廉指标与 KD 指标的中数学模型是一样的，只是两公式中的
RSV 的分子不同。在分析软件中把这两个指标都显示出来，曲线完全对称，上下颠倒。
Comparison results: LWR William index and KD index in the mathematical model is the same, 
just the two formulas of RSV molecules are different. Based on the analysis of the two indicators 
are displayed in the software, the curve is completely symmetrical, upside down. 
　　三、小结
Third, summary 
　　1、 W&R 威廉指标(William’s %R)主要用于提前观察超买和超卖现象，它的超买和超
卖区域刚好与 KDJ 的超买和超卖区域相反。如果使用中感觉曲线反应太快，可增大分析周
期。
1, W&R William index (William 's % R) is mainly used for observation in advance overbought 
and oversold phenomenon, its overbought and oversold areas coincided with KDJ overbought and 
oversold areas instead. If you use the curve reaction too fast, but increase the analysis cycle. 
　　2、 LWR 威廉指标与 KD 指标的曲线完全对称，上下颠倒。可使用比较熟习的 KDJ 曲
线或者 KD 曲线就行了。
2, William LWR index and KD index curve is completely symmetrical, upside down. Can be used 
more familiar with KDJ curve or KD curve line. 
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　　在没有搞清指标的本质之前，要小心使用指标。有些指标之间的分析思想是一致的，
只是微小的差别，可看成是同类指标。我们在分析问题时如果都采用同类指标来分析和判
断市场，可能会太偏颇。只有采取不同类型的指标才能保证从不同的视角来看待问题。
Before without ascertaining index of nature, be careful using indicators. Some indicators between 
the analysis thought is consistent, only tiny difference, were classified as similar indicators. We on 
the analysis of the problems if all use the same indicators to analyze and judge the market, may be 
too biased. Only by adopting different types of indicators can ensure to look at problems from a 
different perspective. 
　　威廉指标又称为威廉超买超卖指数，其作用在于从研究价位波幅出发，通过一段时间
内的高低价位与收盘价之间的关系，反映市场的强弱和买卖气势。精髓在于通过研究价位
变化中的波峰波谷，然后决定买卖时机。
William index is also known as William overbought oversold index, the effect is that starting from 
the study of price volatility, through a period of high and low price and the relationship between 
the closing price, reflect the strength of the market and business momentum. Essence is through 
the peaks and troughs of the research on price changes, and then decided to timing. 
　　威廉指标的计算公式为:R%＝100-100(C-Ln)/(Hn-Ln)
William index calculation formula is: R % = 100-100 (C - Ln)/(Hn - Ln) 
　　其中:C(当日收盘价)、Ln(n 日内最低价)、Hn(n 日内最高价)
Among them: C (the day the closing price), Ln (n days after the lowest), Hn (highest) n days 
　　1、威廉指标是一个动态的动能指标，具有动能指标的摆动性能，它由一个极端摆动
“超买点”到另外一个极端“超卖点”。从单摆的原理看，当单摆接近极端前，都有一个
停顿，然后沿着原有趋势惯性向前，才会改变原有趋势。
1, William index is a dynamic kinetic energy index, with the motion of the momentum indicators 
performance, it is composed of an extreme swing "buy" to another extreme "selling point". From 
the principle of simple pendulum, when simple pendulum closer to the extreme, there is a pause, 
and then along the original trend forward, will change the trend. 
　　2、从威廉指标的计算公式看，基期 n 值的数值选择非常关键。n 值确立后，代表了研
究周期的选定，n 值越小，威廉指标波动频率越快，把握价格变化的灵敏度就越高，但据
此操作投资者易陷入频繁操作的误圈，偶然因素的影响也会加大投资者对现有市场的判断
出错；n 值越大，威廉指标波动频率越慢，价格变化的灵敏度降低，偶然因素对价格趋势
的影响降低。笔者对威廉指标作了 5 年的长期跟踪并结合时间之窗对价格趋势的影响，浅
显认为威廉指标可按短、中、长选取参数，短期 n 值选 10 为宜，中期选 20，长期选 89。
这样威廉指标在 5 分钟、15 分钟、30 分钟、60 分钟、日线、周线、月线图上均表现为
3 条威廉指标线，分别代表了短、中、长的摆动趋势。
2, from the William index calculation formula of numerical selection is critical for the base period 
value of n. N values established, representing the selected study period, the smaller the value of n, 
William index, the faster the frequency of the wave of price changes the higher sensitivity, but on 
the basis of investors into the frequent operation error, accidental factors will also increase the 
investors to the existing market judgment error; The larger the value of n, William index, the 
slower the frequency of the wave to reduce the sensitivity of price changes, accidental factors 
affect price trends. The author of William indicators for the five years of long-term tracking and 
time window of the influence on price trends, shallow think William index parameters can be 
selected according to the short, medium and long, short n value, it is advisable to choose 10, mid 
20, choose 89 for a long time. So William indexes in 5 minutes, 15 minutes, 30 minutes, 60 
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minutes, daily, weekly, monthly chart are characterized by three William index line, representing 
the trend of short, medium and long swing. 
　　3、从威廉指标的计算公式看，在选定的基期 n 值范围内，当日收盘价与 n 日内最低价
相等时，威廉指标达到 100 即“超卖点”极端，注意这时还不到买卖时机，它只代表买卖
时机即将来临，这时还要考虑摆动惯性，在大幅下跌中，市场的收盘价可以连续创出收盘
价新低，只有威廉指标的数值变化时才是最佳的“超卖点”极端买入时机，因此，当威廉
指标达到或接近 100 即“超卖点”极端时，还要看下一个点的变化。在选定的基期 n 值范
围内，当日收盘价与 n 日内最高价相等时，威廉指标达到 0 即“超买点”极端，注意这时
还不到买卖时机，它只代表买卖时机即将来临，这时还要考虑摆动惯性，还要看下一个点
的变化。日线看下一日，周线看下一周，依次类推。上述要点既包含了“涨时无顶、跌时
无底”的股市常理，也包含了“逢低买入、逢高卖出”的思维方式。
3, look from the index calculation formula of William, within the scope of the selected base n 
value, on the day's closing price equals the lowest n days, William index 100 "super selling point" 
extreme, namely notice less than timing at this moment, it only on behalf of the business 
opportunity is coming, then consider swinging inertia, even in a sharp drop in the market closing 
price can hit a new low closing in a row, only index values change when William is the best 
"super selling point" extreme buying opportunity, as a result, when William indicators at or near 
the 100 "super selling point" extreme, also depends on the change of the next point. Within the 
scope of the selected base n values, the highest closing price and the n days equal, William index 
reaches 0 "super buy" extreme, attention is less than timing at this moment, it only on behalf of the 
business opportunity is coming, then consider swinging inertia, also depends on the change of the 
next point. Line to see the next day, weekly to see next week, so on. Contains both the above 
points "top when up and down the bottomless" of the stock market, also contains a "buy on dips, 
on every high sell" way of thinking. 
　　4、威廉指标的数值位于 0 到 100 间，通常 50 为分隔的中界线，80-100 为超卖线，20-
0 为超买线。从短、中、长 3 条威廉指标线看，当 3 条指标线重合并达到或接近 100 即
“超卖点”极端或威廉指标达到或接近 0 即“超买点”极端时，其下一个威廉指标的数值
变化时是投资者最应该关注的买卖时机。
4, William index value is between 0 to 100, generally 50 for separation of boundary line, 80-100 
as oversold line, line 20-0 is overbought. From the short, medium and long 3 William index line, 
when three index line merging at or near 100 namely "super selling point" extreme or William 
index at or near zero namely "super buy" extreme, its next William index values change is the 
most should pay attention to the timing of investors. 
　　举例:在上证指数的周线图上，威廉指标短期 10 周、中期 20 周、长期 89 周 3 条指标
线重合并接近 100 时，其数值发出摆动的下一周清晰地对应了 2002 年、2003 年市场的底
部，其后大盘开始了大幅反弹，试想这样的点每年会有几次?一年才一次。
Example: on the weekly chart of Shanghai index, index of William short 10 weeks, mid 20 weeks, 
long 89 weeks 3 indicatrix merge close to 100, the numerical oscillation of the next week clearly 
corresponding to the 2002, 2003, at the bottom of the market, then the market started to rebound 
sharply, just think of this point will have a few times a year? Only once a year. 
　　股票 WR 指标：wr 中文称威廉指标，表示当天的收盘价在过去一段日子的全部价格范
围内所处的相对位置，是一种兼具超买超卖和强弱分界的指标。它主要的作用在于辅助其
他指标确认讯号。
Stock index of WR: WR Chinese said William index, said the day's closing price in the past a few 
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days all of the price range of the relative position, is a kind of both overbought oversold and 
strength index of boundary. Its main role is to assist other indicators to confirm. 
　　威廉指标使用方法：
William index method of use: 
　　1．从 WR 的绝对取值方面考虑。
1. From the absolute value of WR into consideration. 
　　当 WR 高于 80，即处于超卖状态，行情即将见底，应当考虑买进。
When the WR above 80, which is oversold, market will bottom, should consider buying. 
　　当 WR 低于 20，即处于超买状态，行情即将见顶，应当考虑卖出。
When the WR is less than 20, namely in overbought condition, the market will soon peak, should 
consider selling. 
　　2．从 WR 的曲线形状考虑。
2. From the curve shape of WR. 
　　在 WR 进入高位后，一般要回头，如果股价继续上升就产生了背离，是卖出信号。
In WR after entering high, generally want to look back, if share prices continue to rise is produced, 
is a sell signal. 
　　在 WR 进入低位后，一盘要反弹，如果股价继续下降就产生了背离，是买进信号。
After the WR into low, a plate to rebound, if produced from stock price continues to fall, is a buy 
signal. 
　　WR 连续几次撞顶（底），局部形成双重或多重顶（底），是卖出（买进）的信号。
WR several consecutive hit top (bottom), local formation of double or multiple top (bottom), is a 
sell signal (to buy). 
　　WR 使用心得：
WR using tips: 
　　1．W％R 主要可以辅助 RSI，确认强转弱或弱转强是否可靠？RSI 向上穿越 50 阴阳分
界时，要看 W％R 是否也同样向上空越 50，如果同步则可靠，如果不同则应另行考虑。相
反的，向下穿越 50 时，也是同样的道理。注意！比较两者是否同步时，其设定的参数必须
是相对的比例，大致上 W％R5 日、10 日、20 日对应 RSI6 日、12 日、24 日，但是读者可
能可以依照自己的测试结果，自行调整其最佳对应比例。
1 W % R main can assist RSI, confirmed strong weak weaker or stronger and reliable? RSI 
upward through 50 boundary between Yin and Yang, want to see if W % R also to over 50, if 
synchronization is reliable, if different should be considered separately. On the contrary, down 
through 50, the same is true of. Attention! If you compare the two and synchronization, the setting 
of parameters must be relative proportion, generally W % R5 day, 10, 20, a corresponding RSI6 
day, 12, 24, but readers may, in accordance with their own test results, adjust the best 
corresponding proportion. 
　　2．W％R 表示超买或超卖时，应立即寻求 MACD 讯号支援。当 W％R 表示超买时，
应作为一种预警效果/再看 MACD 是否产生 DIF 向下交叉 MACD 的卖出讯号，一律以
MACD 的讯号为下手卖出的时机。相反的，W％R 进入超卖区时，也适用同样的道理。
2. W % R overbought or oversold, should immediately seek MACD signals support. When W % 
R said overbought, shall be as a warning/to see whether the MACD has DIF cross MACD sell 
signal down, shall be sold at MACD signals to lay hands on time. On the contrary, W % R 
entering oversold zone, also applicable for the same reason.