We have introduced a significant improvement to the indicator. This enhancement provides users with greater flexibility and control over the calculations that drive the indicator's primary outputs.
User Choice between Weighted and Unweighted Residuals for the purple line (difference):
We added a new user input option, allowing the choice between using weighted residuals (which account for the correlation of each relation with the screen) and unweighted residuals for the difference calculation.
This choice enables users to switch between a more nuanced, correlation-weighted view and a simpler, direct average view. The weighted view emphasizes relations that correlate more closely with the screen, while the unweighted view treats all relations equally.
Benefits:
This enhancement caters to both advanced users, who might appreciate the correlation-weighted approach, and to those who prefer a more straightforward interpretation.
It provides an on-the-fly ability to compare how weighting by correlation affects the indicator's outputs, facilitating better-informed trading decisions.