This is a different version of the WMA bands indicator, inspired by Yacine's 125 period EMA findings in the DAX and SPY. He states that when price deviates by 10% or so, it calls for a retracement in the DAX, as time has proven over and over again. Interesting indicator, when using this period and an EMA for the calculation. The main idea came from nanningbob's efforts.
Comments
cooney_s
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Nice work guys.
IvanLabrie
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Updated code to include multiplier selection:
study(title="Yacine EMA Bands", shorttitle="YEMAB", overlay=true)
source = close
length = input(125, minval=1, title = "EMA Length")
atrlen = input(500, minval=1, title = "ATR Length")
mult1 = input(3.2, minval=1, title = "Deviation multiplier 1")
mult2 = input(6.4, minval=1, title = "Deviation multiplier 2")
mult3 = input(9.5, minval=1, title = "Deviation multiplier 3")
ma = ema(source, length)
range = tr
rangema = ema(range, atrlen)
up1 = ma + rangema * mult1
up2 = ma + rangema * mult2
up3 = ma + rangema * mult3
dn1 = ma - rangema * mult1
dn2 = ma - rangema * mult2
dn3 = ma - rangema * mult3
plot(ma, color=black)
color1 = lime
color2 = orange
color3 = maroon
//plot(up1, color = color1)
//plot(up2, color = color1)
//plot(up3, color = color1)
u4 = plot(up1, color = color1)
//plot(up5, color = color2)
//plot(up6, color = color2)
//plot(up7, color = color2)
u8 = plot(up2, color = color2)
//plot(up9, color = color3)
//plot(up10, color = color3)
//plot(up11, color = color3)
u12 = plot(up3, color = color3)
//plot(dn1, color = color1)
//plot(dn2, color = color1)
//plot(dn3, color = color1)
d4 = plot(dn1, color = color1)
//plot(dn5, color = color2)
//plot(dn6, color = color2)
//plot(dn7, color = color2)
d8 = plot(dn2, color = color2)
//plot(dn9, color = color3)
//plot(dn10, color = color3)
//plot(dn11, color = color3)
d12 = plot(dn3, color = color3)
YaKa
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Fantastic Material Ivan.
seems we have a great tools around top... currently the area 2110/2170 is very shortable.
keep posting - great development.