Hi all
I were looking for and indicator that do not move so quickly as the Hull Moving Average but no lagging like exponential or weighted moving average, so I created my own in a very simple arithmetic way.
The indicator also show support and resistance with locating the locals max and min
Hope you like it and continue improving it.
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//LEO MOVING AVERAGE //Formula: LMA=WMA+(WMA-SMA) LMA=2*weightedaverage[period](close)-average[period](close) //supports and resistances once support=low once resistance=high smoothLMA=weightedaverage[period](LMA) IF LMA crosses over smoothLMA THEN support=lowest[period](low) ENDIF IF LMA crosses under smoothLMA THEN resistance=highest[period](high) ENDIF support=min(low,support) resistance=max(high,resistance) RETURN LMA AS "LMA", support as "support", resistance as "resistance" |
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Interesting indicator, will play with this, thanks for your contribution!
Merci de votre contribution !
Hi all,
I posted a new version of this indicator ( I just add arrows to spot the local maximums and local minimums
here
https://www.prorealcode.com/topic/dobule-bottom-or-double-top/
Muchas Gracias por compartir este interesante indicador.
Un saludo
hola gracias leo