Double Smoothed Wilders EMA - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
Welles Wilder often uses a "special" case of the EMA (Exponential Moving Average) because (he uses it) it is sometimes called the Wilder EMA. The difference from EMA is as follows:
EMA formula = today's price * K + yesterday's EMA * (1-K) where K = 2 / (N+1)
Wilder EMA formula = today’s price * K + yesterday’s EMA (1-K) where K =1/N
where N = number of cycles.
Another property that is not visible from the above formula is that, although calculated differently, the Wilder EMA is equal (in terms of value) to the Smoothed Moving Average (SMMA). This version adds double smoothing to the Wilder EMA to make it "faster" (it responds to market prices more than the original version) and still maintains very smooth values
It can be used as any regular moving average
Comparison of DS Wilder’s EMA (colored line) and SMMA (gray line)
Attachment download
📎 double_smoothed_wilders_ema.mq5 (6.35 KB)
Source: MQL5 #24108
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