The Optimal Weighted Moving Average was created by Thomas Hutchinson and Peter G. Zhang, Ph.D. (Stocks & Commodities V. 11:12 (500-505)) and it is very similar to a classic weighted moving average but it uses the correlation between the input and the optimal weighted moving average output to use as the weights. Buy when the line turns green and sell when it turns red.
Let me know if you would like to see me publish any other scripts or if you want something custom done!
Release Notes
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updated to make it consistent with my other indicators
@victobio, by default it doesn't repaint but I have added an option that allows you to change that. please let me know what you think!
SCALPER_PRO_TRADING
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Thanks a lot for posting this,
need your help,
i want to plot weighted close indicator, but its not available, can you please share the code for this indicator.
[( close*2 + high + close ) / 4 ] and this needs to be calculated for 14 period
please help
Thanks
cheatcountry
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@sakaragarwal, send me a message and I can help you out
SCALPER_PRO_TRADING
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@cheatcountry,
i want to plot weighted close indicator, i mean i want the code for plotting weighted close line on the chart
The Weighted Close indicator is calculated by multiplying the close by two, adding the high and the low to this product, and dividing by four. The result is the average price with extra weight given to the closing price.
[ ( close * 2 ) + high + low ] / 4
please help me with this
Thanks
cheatcountry
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@sakaragarwal, I will make this one of my next indicators for you