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Taco MA's
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This study is a combination of pivot points & moving averages of various types. Try them out on any time frame!
First, we calculate the "typical price" aka Pivot Point . In the settings you have the option to select your calculation as (H + L + C)/3 or (O + H + L + C)/4 ; you also have the option to select just open, close, etc.
I made the default OHLC/4.
From here we have 4 exponential MA's that are using the calculation of your pivot point selection.
I provide you the ability to change the periodicity for each Moving Average. So mess around with it and see what you like.
I made the defaults the ones I prefer to use:
• 9ppema
• 21ppema
• 44ppema
• 100ppema
Then I added my favorite "retail trader moving averages" as I like to call them. These are two slow simple moving averages that really help provide a level of potential retail trader interest. Most new retail traders will monitor the 50 and 200 sma very closely. The 300 simple moving average is one that I have found useful in my experience over time.
This is a simple moving average of the 200 and 300 periodicities.
We have made the appearance of each average line to be brighter in color when the average is hovering above the price, and it darkens when the average is below the price. You can adjust this in the settings to select your own colors. If you prefer to see one solid color, simply select the same color for each option in the menu.
I prefer to use a typical price that also takes in account the opening price for each candle rather than HLC /3 calculation or just the closing price. I feel it accounts a bit more for the volatility in each candle by including the Open. Then this typical price calculation gives us a more reactive EMA calculation, IMO.
If you are new to TA, Put the 21 and 50 simple moving averages on your chart and monitor them with these moving averages (you can always hide the ones you do not want to see in the settings menu)
First, we calculate the "typical price" aka Pivot Point . In the settings you have the option to select your calculation as (H + L + C)/3 or (O + H + L + C)/4 ; you also have the option to select just open, close, etc.
I made the default OHLC/4.
From here we have 4 exponential MA's that are using the calculation of your pivot point selection.
I provide you the ability to change the periodicity for each Moving Average. So mess around with it and see what you like.
I made the defaults the ones I prefer to use:
• 9ppema
• 21ppema
• 44ppema
• 100ppema
Then I added my favorite "retail trader moving averages" as I like to call them. These are two slow simple moving averages that really help provide a level of potential retail trader interest. Most new retail traders will monitor the 50 and 200 sma very closely. The 300 simple moving average is one that I have found useful in my experience over time.
This is a simple moving average of the 200 and 300 periodicities.
We have made the appearance of each average line to be brighter in color when the average is hovering above the price, and it darkens when the average is below the price. You can adjust this in the settings to select your own colors. If you prefer to see one solid color, simply select the same color for each option in the menu.
I prefer to use a typical price that also takes in account the opening price for each candle rather than HLC /3 calculation or just the closing price. I feel it accounts a bit more for the volatility in each candle by including the Open. Then this typical price calculation gives us a more reactive EMA calculation, IMO.
If you are new to TA, Put the 21 and 50 simple moving averages on your chart and monitor them with these moving averages (you can always hide the ones you do not want to see in the settings menu)
Notes de version
Just a clean up of settings menu. Its now easier to turn both Simple moving averages to calculate using pivot points or just the closing price like normal. Default is closing price.Notes de version
Just editing the settings menu language.Notes de version
Just fixing a menu label - thanks Patgro for the keen observation! Notes de version
Cleaned up the code for version 5
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