I were looking for and indicator that do not move so quickly as the Hull Moving Average but no lagging like exponential or weighted moving average, so I created my own in a very simple arithmetic way.

The indicator also show support and resistance with locating the locals max and min

Hope you like it and continue improving it.

//LEO MOVING AVERAGE

//Formula: LMA=WMA+(WMA-SMA)
LMA=2*weightedaverage[period](close)-average[period](close)


//supports and resistances
once support=low
once resistance=high

smoothLMA=weightedaverage[period](LMA)

IF LMA crosses over smoothLMA THEN
 support=lowest[period](low)
ENDIF

IF LMA crosses under smoothLMA THEN
 resistance=highest[period](high)
ENDIF

support=min(low,support)
resistance=max(high,resistance)


RETURN LMA AS "LMA", support as "support", resistance as "resistance"

Download

Filename: Leo-moving-average-SR.itf

Downloads: 535

Leo Veteran

" IF YOU HAVE WEALTH , IT'S A DUTY TO HELP THOSE WHO DON'T " Manoj Bhargava

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