Elastic Range Weighted Moving Average — Indicator by handsheik

trendanalysis volumestudies movingaverage elasticweightedmovingaverage elastic

This indicator is similar to the Elastic Volume Weighted Moving Average, except it uses True Range instead of Volume.
This can be useful where volume data is unavailable (for instance, in forex), or if prices moved way too fast, such as the Swiss franc crash back in 2015.

Comparison:

Let me know if you want more features added to this indicator. I'll see what I can do.
Your feedback is always appreciated. Thank you.

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

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