Range Weighted Smoothed EMA - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

This indicator is a variation of the Range Weighted EMA (originally posted here: Range Weighted EMA explains more about exactly what it does and how it does it. This variation comes from the possible need to make the indicator a little less "noisy" when the slope changes. The method used to calculate this change is the one described by Lee Leibfarth in his article "Trading With An Adaptive Price Zone".

It is a triple smoothed version. But even though it is "over-smoothed" from the description (triple smoothing often results in significant lag), it is much faster than the regular version of the same period (this is due to the nature of the Lee Leibfarth smoothing that must be applied to this particular indicator), and should be considered a different indicator than the "regular range weighted EMA".

The usual approach is the same as any average, but since it is smoother (no lag) the slope changing color is less noisy and can be used as a signal in a more reliable way.

Attachment download

📎 range_weighted_ema_jdsm.mq5 (8.99 KB)

Source: MQL5 #23198