OPEN-SOURCE SCRIPT
+ %UMA
Updated
If you are familiar with the %B for use with Bollinger Bands, then you will understand this indicator immediately.
Designed for use with my +UMA moving average, this works in exactly the same way, with a few differences.
First off, as you can choose on which type of moving average the calculations are made, so too you will want to match this up with the one you are using. That of course goes for the standard deviation as well (just like you would with Bollinger Bands and %B). Here, because the +UMA uses highs and lows to create a sort of moving average channel, and then also to create the bands, I've opted to set the inner part of the bands as the extreme edge that the %UMA equates with the upper and lower lines.
I've added a moving average, donchian channels, and auto-plotted divergences as well, if you like. Typical color related stuff that I do. Alerts for everything.
Hope you like it!
The above image is comparing two of the same indicator, but based on different moving averages, and how it might plot divergences differently between the two.
Designed for use with my +UMA moving average, this works in exactly the same way, with a few differences.
First off, as you can choose on which type of moving average the calculations are made, so too you will want to match this up with the one you are using. That of course goes for the standard deviation as well (just like you would with Bollinger Bands and %B). Here, because the +UMA uses highs and lows to create a sort of moving average channel, and then also to create the bands, I've opted to set the inner part of the bands as the extreme edge that the %UMA equates with the upper and lower lines.
I've added a moving average, donchian channels, and auto-plotted divergences as well, if you like. Typical color related stuff that I do. Alerts for everything.
Hope you like it!
The above image is comparing two of the same indicator, but based on different moving averages, and how it might plot divergences differently between the two.
Release Notes
fixed something that I had changed previously because I thought it was weird, but in fact is not weird and instead makes lots more sense, like I originally thought. don't mind me. :) lolRelease Notes
- updated to version 5 pinescript- added a couple additional moving averages
- updated to +RMA for use with that version of the UMA
- added circles at top and bottom of indicator for crosses of the %UMA and the moving average.
Release Notes
- missed a change just a minute ago.... fixedRelease Notes
I'm publishing updates to all of my indicators, so I'm just going to comment on everything here since most of the updates are common across most of my indicators.User Non-Visible Updates (basically backend stuff that makes:
- changes in code legibility and consistency across all indicators (basically standardizing the coding across as many indicators as possible)
- implementation of libraries into my indicators; which helps significantly in doing what I typed above; which in turn will make creating any new indicators, if they are of the type to use these libraries, much simpler
- updated descriptions for all indicators, which should (it's possible I've forgotten things) reflect changes I've made recently and any I may have made in the past after first publication (this is very minor, but as I was changing so much I thought I may as well--I don't intend to update these much, if at all, in the future)
User Visible Updates:
- as I mentioned everything now uses my moving averages library and volatility bands library--this cuts down the total amount of code significantly, and has made it easier for me to add moving averages, or volatility bands to these indicators because I only had to/have to add it one time (to the library) rather than multiple times across all indicators*
- since creating these libraries I've added several new moving averages (Kaufman Adaptive, Laguerre Filter, McGinley Dynamic (doesn't work for all), and Zero-lag) to them while retaining all the previous with the exception of the UMA, which wasn't implemented consistently across all indicators anyway
- eliminated having two Bollinger Bands with different standard deviations and a fill between them in exchange for one with the band fill implementation that I use on my Donchian Channels Bands
- part of my code consistency across all indicators resulted in a much needed organization of the 'style' tab
*(affects all but the Wavetrend Oscillator, Wavetrend Oscillator Overlay, Jurik KDJ, Average Candle Bodies Range, Bollinger Bands Width, ALMA Trend Detector, Ultimate Moving Average, Donchian Channels, and Dynamic Donchian Channels)
I think that is everything
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.