This script is a custom visualization tool to plot 4 Moving Averages (MA).
Each MA is customizable; you can:
enable (disable) the plot of MA;
select whether the MA is an EMA or an SMA;
the length;
the source (open, close, ...);
the offset value (default is 0).
Note:
The 1st MA is an EMA with length 50.
The others MAs are SMA with length 9, 30 and 100 respectively.
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Now, you can choice the following type of averages:
EMA
SMA
VWMA
TEMA
Note: TEMA is the acronym of Triple Exponential Moving Average.
The formula and calculation for TEMA is: TEMA =3∗EMA1 − 3∗EMA2 + EMA3
where: EMA1 is the Exponential Moving Average (EMA) EMA2 is the EMA of EMA1 EMA3 is the EMA of EMA2
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New version of script.
The Arnaud Legoux Moving Average (ALMA) is implemented. The ALMA indicator is a superior moving average as compared to the Exponential Moving and Simple Moving Averages. The objective of the Arnaud Legoux Average is to minimize the noise and produce a more reliable signal than the conventional moving averages. The indicator (ALMA) removes small price fluctuations and also enhances the trend by applying a moving average (MA) twice, once from left to right, and once from right to left.