WMA Bands
In this chart we can see an adaptation I made of an indicator a certain fellow named nanningbob uses in one of his trading systems.
It's a great thing to have, since Forex pairs are mostly ranging markets. It captures price movement very well, and gives realistic take profit levels, without having to risk major drawdown if used wisely.
Hope you like it and find it useful.
*Props to ucsgears for the original code I modified.
It's a great thing to have, since Forex pairs are mostly ranging markets. It captures price movement very well, and gives realistic take profit levels, without having to risk major drawdown if used wisely.
Hope you like it and find it useful.
*Props to ucsgears for the original code I modified.
study(title="WMA Bands", shorttitle="WMAB", overlay=true) source = close length = input(240, minval=1, title = "WMA Length") atrlen = input(500, minval=1, title = "ATR Length") mult1 = 3.2 mult2 = 6.4 mult3 = 9.5 ma = wma(source, length) range = tr rangewma = wma(range, atrlen) up1 = ma + rangewma * mult1 up2 = ma + rangewma * mult2 up3 = ma + rangewma * mult3 dn1 = ma - rangewma * mult1 dn2 = ma - rangewma * mult2 dn3 = ma - rangewma * mult3 plot(ma, color=black) color1 = silver color2 = red color3 = maroon up01 = plot(up1, color = color1) up02 = plot(up2, color = color2) up03 = plot(up3, color = color3) dn01 = plot(dn1, color = color1) dn02 = plot(dn2, color = color2) dn03 = plot(dn3, color = color3)