fikira

Octuple Mean Average

Here you can combine up to 8 moving averages and make 1 "OMA" (Octuple Mean Average)
In this way:
- advantages of several ma's can be mixed
- a mean averages can be improved without the need to change the length
(for example if you want a RMA, SMA,... to react faster combine it with 1 or more EMA's)
- smoothing and shifting possibilities (combine with a dema and adjust the lookback),
again without the need to change the length
- ...

This is a combination of a RMA, VWMA, DEMA and TEMA:
Here is a DEMA (lookback 20), smoothed by adding a RMA:

Or, 3x RMA, 2x SMA, 1x EMA and 1x WMA:

Color can be made unicolor by disabling 'bicolor ?'
When disabled the first color only is applied

Bicolor options:
- OMA changes color when it is rising/falling
- OMA changes color when source is above/below OMA

Cheers!

LuxAlgo Dev: www.luxalgo.com
PineCoder: www.pinecoders.com

- We cannot control our emotions,
but we can control our keyboard -
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?