I have written this kind of indicator for the first time in july 2015, first as an oscillator, later as an indicator on the graph. Its the basic of my avatar.
It uses a triangular moving average of periods 2 applied on the average of the last “n” median price. If the slope is ascending, it plots blue arrows and yellow arrows when the slope of the TMA is descending.
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// settings n = 20 // --- HL=(high+low)/2 Sum=(summation[n](HL))/n cog=TriangularAverage[2](sum) if cog > cog[1] then DRAWARROWUP(barindex, cog-0.25*AverageTrueRange[14](close))coloured(0,125,175,255) elsif cog < cog[1] then DRAWARROWDOWN(barindex, cog+0.25*AverageTrueRange[14](close))coloured(255,205,0,255) endif return cog |
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