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EMA/WMA Trend Strength Oscillator
This oscillator takes the average of three EMAs and three WMAs to plot the general trend direction. A high value means that the trend is extremely bullish, and a low value means that the trend is extremely bearish.
An oscillator value near 0 indicates that the market is currently consolidating, or has a weak trend.
The oscillator can also be used to find and confirm market divergences.
Smoothing is achieved with the "Derivative Estimate" -- a higher value achieves better smoothing at the cost of more lag.
The EMA/WMA trend strength oscillator is a lagging indicator, so it should not be used to determine an entry and exit for a trade, but should rather be used to confirm a potential trade or to stay out of a volatile or consolidating market.
An oscillator value near 0 indicates that the market is currently consolidating, or has a weak trend.
The oscillator can also be used to find and confirm market divergences.
Smoothing is achieved with the "Derivative Estimate" -- a higher value achieves better smoothing at the cost of more lag.
The EMA/WMA trend strength oscillator is a lagging indicator, so it should not be used to determine an entry and exit for a trade, but should rather be used to confirm a potential trade or to stay out of a volatile or consolidating market.
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