Day Trader's Anchored Moving Averages [wbburgin]

For day traders, establishing a trend at the start of the day is critically important for setting targets and entering positions. This can be difficult when traditional moving averages lag from previous days, causing late entry and/or incorrect trend interpretation.

The Day Trader's Anchored MA indicator plots three dynamic moving averages which restart on each new period (session or monthly - more coming soon). This eliminates the lag in traditional moving averages while better identifying the trend, as the moving averages essentially 'build up' their lengths as the day progresses, until they reach your chosen maximum length.

This means that these anchored moving averages are

1. Quicker to identify the start-of-day trend, as markets tend to establish and then follow one trend throughout the day;
   
2. Dynamically increasing throughout the day (to your specifications)
   
3. Completely independent from previous days
   

Quick usage note: make sure that your moving average length is less than the number of bars in the period, or it won't reach the maximum length you specified.

TL;DR: Moving average that resets every day and does not lag. Inspired by the VWAP.

Release Notes:

Changed spacing of name slightly.

Release Notes:

Removed unnecessary code.