It attempts to remove the inherent lag associated to Moving Averages by placing more weight on recent values. The name suggests this is achieved by applying a double exponential smoothing which is not the case. The name double comes from the fact that the value of an ( ) is doubled. To keep it in line with the actual data and to remove the lag the value "EMA of EMA" is subtracted from the previously doubled .
is a very responsive system. A lot of signals can be generated only when trading with . In this strategy, I combined buy-sell signals with indicator. When you activate confirmation from settings; When comes to long situation, the histogram is checked to be positive.
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.