OPEN-SOURCE SCRIPT

Ehlers Average Error Filter [CC]

The Average Error Filter was created by John Ehlers and this is a variation of a Zero Lag Exponential Moving Average that uses a Super Smoother to filter out the noise and then uses a second Super Smoother of the difference between the current price and the filtered data. This works well as a trendline and does give out a few false signals like all indicators inevitably do but most signals do a good job of keeping up with the trend and providing clear entries and exits when the trend changes. I have included strong buy and sell signals in addition to normal ones so like always darker colors are strong signals and lighter colors are normal ones. Buy when the line turns green and sell when it turns red.

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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.

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