WMA Bands — Indicator by IvanLabrie

atr wma

In this chart we can see an adaptation I made of an indicator a certain fellow named nanningbob uses in one of his trading systems.
It's a great thing to have, since Forex pairs are mostly ranging markets. It captures price movement very well, and gives realistic take profit levels, without having to risk major drawdown if used wisely.

Hope you like it and find it useful.

*Props to ucsgears for the original code I modified.

🔒Want to dive deeper? Check out my paid services below🔒

linktr.ee/ivanlabrie

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?

study(title="WMA Bands", shorttitle="WMAB", overlay=true)
source = close
length = input(240, minval=1, title = "WMA Length")
atrlen = input(500, minval=1, title = "ATR Length")
mult1 = 3.2
mult2 = 6.4
mult3 = 9.5
ma = wma(source, length)
range =  tr
rangewma = wma(range, atrlen)

up1 = ma + rangewma * mult1
up2 = ma + rangewma * mult2
up3 = ma + rangewma * mult3

dn1 = ma - rangewma * mult1
dn2 = ma - rangewma * mult2
dn3 = ma - rangewma * mult3

plot(ma, color=black)

color1 = silver
color2 = red
color3 = maroon

up01 = plot(up1, color = color1)
up02 = plot(up2, color = color2)
up03 = plot(up3, color = color3)

dn01 = plot(dn1, color = color1)
dn02 = plot(dn2, color = color2)
dn03 = plot(dn3, color = color3)