This indicator is calculated the following way:
LRMA[ = 3.0 * LWMA(Price) – 2.0 * SMA(Price)
- LWMA – linearly weighted smoothing
- SMA – simple smoothing
- PRICE – price series value
All calculation are made on the current bar and with the current price value.
This indicator clearly shows market trends dividing a price chart into two sectors. If a price is above the indicator line, the trend is going upwards. If a price is below the indicator line, the trend is going downwards.
Converted from MT5 following a request made in our ProRealTime indicators’forum section.
//PRC_LRMA | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//converted from MT5 code version
// --- settings
// --- end of settings
if barindex>period then
for i=0 to period-1 do
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