This indicator is calculated the following way:
LRMA[ = 3.0 * LWMA(Price) – 2.0 * SMA(Price)
where:
- 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.
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//PRC_LRMA | indicator //04.09.2019 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from MT5 code version // --- settings period=14 // --- end of settings price=customclose if barindex>period then tmpS=0 tmpW=0 wsum=0 for i=0 to period-1 do tmpS=tmpS+price[i] tmpW=tmpW+(price[i]*(period-i)) wsum=wsum+(period-i) next tmpS=tmpS/period tmpW=tmpW/wsum Res=3.0*tmpW-2.0*tmpS endif return res |
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