OPEN-SOURCE SCRIPT
Wavetrend Moving Average (WTMA) [Loxx]
Wavetrend Moving Average (WTMA) [Loxx] is a Wavetrend indicator morphed into a moving average. Use this indicator as you would any other moving average.
What is the Wavetrend indicator?
Wavetrend's original name was TCI created by the The Trading Center. The TCI (Trading Channel Index) displays the ratio between the average daily price and the smoothed averaged value of the average daily price.
You can read about TCI here: https://tradingcenter.org/index.php/train/tci/
How do you morph Wavetrend into a moving average?
1. Calculate Wavetrend
2. Normalize Wavetrend from a range of -1 to 1 to a range of 0 to 1
3. Find high/low values of X bars back of Wavetrend,
4. Subtract high from low to find the simple range of Wavetrend
5. Calculate upper and lower boundaries
6. Calculate the HL2 of using these new boundaries
Included:
What is the Wavetrend indicator?
Wavetrend's original name was TCI created by the The Trading Center. The TCI (Trading Channel Index) displays the ratio between the average daily price and the smoothed averaged value of the average daily price.
You can read about TCI here: https://tradingcenter.org/index.php/train/tci/
How do you morph Wavetrend into a moving average?
1. Calculate Wavetrend
2. Normalize Wavetrend from a range of -1 to 1 to a range of 0 to 1
3. Find high/low values of X bars back of Wavetrend,
4. Subtract high from low to find the simple range of Wavetrend
5. Calculate upper and lower boundaries
6. Calculate the HL2 of using these new boundaries
Included:
- Bar coloring
- Signals
- Alerts
- Loxx's Expanded Source Types
Script open-source
Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
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