It ended up being somewhat close, but not exact, but the result is that you get a pseudo-vwap without a need for data, that isn't cumulative and can indicate trend direction, or if the market's ranging.
This is very powerful information!
I highlight a trade setup we get here, derived from observing the indicator's slope and knowing how to read price action, assisted by rgmov and readings.
To get the code for the other indicator's you will have to click on share, and then on 'Make it mine' so you get the whole layout.
Good luck and hope you find these of use.
A few uses...
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
study(title = "POC bands 2.0", shorttitle="POCB", overlay=true) resCustom = input(title="Timeframe", type=resolution, defval="240") Length = input(6, minval=1) xPrice = security(tickerid, resCustom, hlc3) xvnoise = abs(xPrice - xPrice) nfastend = 0.666 nslowend = 0.0645 nsignal = abs(xPrice - xPrice[Length]) nnoise = sum(xvnoise, Length) nefratio = iff(nnoise != 0, nsignal / nnoise, 0) nsmooth = pow(nefratio * (nfastend - nslowend) + nslowend, 2) nAMA = nz(nAMA) + nsmooth * (xPrice - nz(nAMA)) basis = nAMA atr = ema(tr,11) upper = basis + (atr*3) lower = basis - (atr*3) plot(basis, color=blue) plot(upper, color=blue) plot(lower, color=blue)
Also, You’ re talking about a trade setup derived from observing the indicator's slope and knowing how to read price action, assisted by rgmov and cci readings. I don’t find the share button to make it mine and get the whole lay out
Can you help on this one ? Thanks a lot !!
Do you recommend to use others indicators of yours ‘ more updated or evolved one ?
Stick to the daily chart and apply the indicator alone on charts. You can trade breakouts after the middle line goes flat for a few days, and aim for the bands to exit.
Thanks a lot for your advice too !! I am gonna stick to what you explained !! Thanks man