PROTECTED SOURCE SCRIPT
Weighted 5DMA +
The Weighted 5-DMA + is a custom indicator that calculates and plots a 5-day moving average (5DMA) based on a combination of intraday and higher timeframes during regular trading hours. The purpose of this indicator is to provide a comprehensive view of the market trend by considering multiple timeframes and focusing on data from regular trading hours.
Unique Features:
This indicator stands out from traditional moving average indicators due to its ability to incorporate data from various timeframes, creating a more holistic representation of the market trend during regular trading hours. By calculating the 5DMA using both intraday and higher timeframes, the indicator provides a better understanding of market dynamics and a more accurate depiction of the overall trend. This unique approach can help traders identify potential entry and exit points with higher precision.
Features:
Calculates the 5DMA using intraday data for various timeframes (2m, 5m, 10m, 15m, 30m, 1h, 2h, 3h, 4h, 6h, 9h, 12h, 18h) during regular trading hours.
Calculates the 5DMA using a fixed 1m timeframe during regular trading hours.
Computes the weighted average of all the calculated moving averages.
Plots the weighted 5DMA with color-coding based on the trend:
Green: Uptrend (price above the weighted 5DMA)
Blue: Price crossing the weighted 5DMA
Red: Downtrend (price below the weighted 5DMA)
Provides an alert condition for when the price crosses the weighted 5DMA.
How to use:
Look for the color-coded line to determine the current trend during regular trading hours.
Green indicates an uptrend, red indicates a downtrend, and orange suggests that the price is crossing the weighted 5DMA.
Set up alerts for when the price crosses the weighted 5DMA to receive notifications.
Please note that this indicator is best used in conjunction with other technical analysis tools and should not be solely relied upon for making trading decisions.
Disclaimer: This indicator is provided for educational purposes only and should not be considered as financial advice. Trading stocks, cryptocurrencies, forex, commodities, or any other financial instruments carry risk and may not be suitable for everyone. You should carefully consider your investment objectives, level of experience, and risk appetite before making any trading decisions.
Unique Features:
This indicator stands out from traditional moving average indicators due to its ability to incorporate data from various timeframes, creating a more holistic representation of the market trend during regular trading hours. By calculating the 5DMA using both intraday and higher timeframes, the indicator provides a better understanding of market dynamics and a more accurate depiction of the overall trend. This unique approach can help traders identify potential entry and exit points with higher precision.
Features:
Calculates the 5DMA using intraday data for various timeframes (2m, 5m, 10m, 15m, 30m, 1h, 2h, 3h, 4h, 6h, 9h, 12h, 18h) during regular trading hours.
Calculates the 5DMA using a fixed 1m timeframe during regular trading hours.
Computes the weighted average of all the calculated moving averages.
Plots the weighted 5DMA with color-coding based on the trend:
Green: Uptrend (price above the weighted 5DMA)
Blue: Price crossing the weighted 5DMA
Red: Downtrend (price below the weighted 5DMA)
Provides an alert condition for when the price crosses the weighted 5DMA.
How to use:
Look for the color-coded line to determine the current trend during regular trading hours.
Green indicates an uptrend, red indicates a downtrend, and orange suggests that the price is crossing the weighted 5DMA.
Set up alerts for when the price crosses the weighted 5DMA to receive notifications.
Please note that this indicator is best used in conjunction with other technical analysis tools and should not be solely relied upon for making trading decisions.
Disclaimer: This indicator is provided for educational purposes only and should not be considered as financial advice. Trading stocks, cryptocurrencies, forex, commodities, or any other financial instruments carry risk and may not be suitable for everyone. You should carefully consider your investment objectives, level of experience, and risk appetite before making any trading decisions.
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.