OPEN-SOURCE SCRIPT
4 WMA's
4 WMA's plots four Weighted Moving Averages on the chart at once, giving a quick multi-timeframe view of trend direction and momentum.
By default the lengths are 21, 55, 100 and 200, so you get a short-term, medium-term and two longer-term averages in a single overlay indicator. Each length is fully configurable in the settings.
Unlike a simple moving average, a Weighted Moving Average (WMA) assigns more weight to recent prices, so it reacts faster to price changes while still smoothing out noise. This makes the WMA useful for spotting trend shifts a bit earlier than an SMA.
How to use it:
- When price is above all four WMAs and they are stacked in order (fastest on top), the trend is strongly bullish.
- When price is below all four and they are stacked in reverse, the trend is strongly bearish.
- Crossovers between the faster and slower WMAs can be used as trend-change signals.
All lengths, colors and line widths can be adjusted in the indicator settings. Works on any symbol and timeframe.
By default the lengths are 21, 55, 100 and 200, so you get a short-term, medium-term and two longer-term averages in a single overlay indicator. Each length is fully configurable in the settings.
Unlike a simple moving average, a Weighted Moving Average (WMA) assigns more weight to recent prices, so it reacts faster to price changes while still smoothing out noise. This makes the WMA useful for spotting trend shifts a bit earlier than an SMA.
How to use it:
- When price is above all four WMAs and they are stacked in order (fastest on top), the trend is strongly bullish.
- When price is below all four and they are stacked in reverse, the trend is strongly bearish.
- Crossovers between the faster and slower WMAs can be used as trend-change signals.
All lengths, colors and line widths can be adjusted in the indicator settings. Works on any symbol and timeframe.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.