I have been planning to re-write the MAGicWAVe script for a long time, so here's a totally revamped version.
What is the MAGic WAVe ?
- this is one of my first indicators - and is a constant in my trading charts ...
- It's really a simple idea that plays with weighted moving averages (WMA) to produce a low-lag MAGnified Weighted Average (hence the name MAGic...
This is an update that adds couple of visual enhancement to my Magnified Weighted Average script i published some time back.
- this update adds a secondary signal (Red / Green markers) when the MAGicWAVe crosses the Zero Lag Moving Average -- so we watch the Wave Color as the primary signal for a change in trend, and use the secondary signal for confirmation -...
The MAGicWAVE is my proprietary formula that produces a "Magnified" Zero Lag Weighted Average that helps track a trend on a price chart - it can be used with most chart types - not necessarily Candle - and we can adjust the magnification factor and the colors for the up and down moves (waves) - it also provides additional MA lines which can be adjusted or hidden...
