Shizaru

Elastic Weigthed Moving Average Hi/Lo Bands

259 0 35
The original script was posted on ProRealCode by user Nicolas.

The eWMA is a moving average that use Volume to calculate its period. This moving average is a statistical measure of the Volume other time, which display nicely the price direction. Originally developped by Christian P. Fries, I added here a "kind of" band for buy/sell triggers or trend filtering purpose.

The band is made of the highest high or the lowest low of the eWMA. Trend direction change when the eWMA piercing its own value, back to N previous period.

This indicator needs instruments with Volume for calculation.
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