OPEN-SOURCE SCRIPT
pranjalabhigyan
# pranjalabhigyan — Parabolic Weighted Moving Average (PWMA)
pranjalabhigyan is a custom Parabolic Weighted Moving Average (PWMA) indicator designed to provide smoother trend detection while reacting faster to price action compared to traditional moving averages.
Unlike SMA or EMA, this indicator applies a parabolic weighting system, giving progressively higher importance to recent candles. This helps traders identify momentum shifts and trend direction with improved responsiveness.
## Features
• Custom Parabolic Weighted Moving Average
• Manual timeframe selection (Multi-Timeframe Support)
• Dynamic trend color changes
• BUY and SELL signal labels
• Alert conditions for crossovers
• Clean and lightweight chart overlay
## How It Works
The indicator calculates a weighted moving average using squared (parabolic) weights. Recent price candles receive significantly more influence than older candles, allowing the PWMA to adapt quickly during trending markets while remaining smoother than many fast-moving averages.
## Signals
• BUY Signal → Price crosses above PWMA
• SELL Signal → Price crosses below PWMA
## Timeframe Flexibility
Users can manually select a custom timeframe independent of the chart timeframe.
Examples:
• 5 → 5 Minutes
• 15 → 15 Minutes
• 60 → 1 Hour
• 240 → 4 Hours
• D → Daily
## Best Use Cases
• Trend following
• Momentum confirmation
• Dynamic support and resistance
• Multi-timeframe analysis
• Scalping, intraday, and swing trading
## Disclaimer
This indicator is intended for educational and analytical purposes only and should not be considered financial advice. Always use proper risk management before trading.
pranjalabhigyan is a custom Parabolic Weighted Moving Average (PWMA) indicator designed to provide smoother trend detection while reacting faster to price action compared to traditional moving averages.
Unlike SMA or EMA, this indicator applies a parabolic weighting system, giving progressively higher importance to recent candles. This helps traders identify momentum shifts and trend direction with improved responsiveness.
## Features
• Custom Parabolic Weighted Moving Average
• Manual timeframe selection (Multi-Timeframe Support)
• Dynamic trend color changes
• BUY and SELL signal labels
• Alert conditions for crossovers
• Clean and lightweight chart overlay
## How It Works
The indicator calculates a weighted moving average using squared (parabolic) weights. Recent price candles receive significantly more influence than older candles, allowing the PWMA to adapt quickly during trending markets while remaining smoother than many fast-moving averages.
## Signals
• BUY Signal → Price crosses above PWMA
• SELL Signal → Price crosses below PWMA
## Timeframe Flexibility
Users can manually select a custom timeframe independent of the chart timeframe.
Examples:
• 5 → 5 Minutes
• 15 → 15 Minutes
• 60 → 1 Hour
• 240 → 4 Hours
• D → Daily
## Best Use Cases
• Trend following
• Momentum confirmation
• Dynamic support and resistance
• Multi-timeframe analysis
• Scalping, intraday, and swing trading
## Disclaimer
This indicator is intended for educational and analytical purposes only and should not be considered financial advice. Always use proper risk management before trading.
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.