OPEN-SOURCE SCRIPT
TTZ_ZLEMA_guppy by Buckkets
ZLEMA was orignally created by John Ehlers.
"All smoothing filters and moving averages have lag. It’s a law. The lag is necessary because the
smoothing is done using past data. Therefore, the averaging includes the effects of the data several
bars ago. In this article we show you how to remove a selected amount of lag from an Exponential
Moving Average (EMA). Removing all the lag is not necessarily a good thing because with no lag the
indicator would just track out the price you were filtering. That is, the amount of lag removed is a
tradeoff with the amount of smoothing you are willing to forgo. We show you the effects of lag
removal in an indicator and then use the filter in an effective trading strategy."
I can't link to the paper because TV will most likely ban another script, but you should read it. Made this into a Guppy for practical reasons.
"All smoothing filters and moving averages have lag. It’s a law. The lag is necessary because the
smoothing is done using past data. Therefore, the averaging includes the effects of the data several
bars ago. In this article we show you how to remove a selected amount of lag from an Exponential
Moving Average (EMA). Removing all the lag is not necessarily a good thing because with no lag the
indicator would just track out the price you were filtering. That is, the amount of lag removed is a
tradeoff with the amount of smoothing you are willing to forgo. We show you the effects of lag
removal in an indicator and then use the filter in an effective trading strategy."
I can't link to the paper because TV will most likely ban another script, but you should read it. Made this into a Guppy for practical reasons.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.