Range Weighted Average - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Almost all averages can be averaged using a general formula, which can be simply written as: Sum of Prices * (something) / Sum (something) . The averages we commonly use are Simple Moving Average (SMA, where (something) is always equal to 1), Linear Weighted Moving Average (LWMA, where (something) depends on the calculated length), Volume Weighted Average (where (something) depends on the current volume) and more...
This version uses calculated bar range (high-low) as weight. This way bars with higher volatility will stand out more And these bars respond faster to price changes. Basically, like almost all weighted averages, it is similar to the Simple Moving Average, but with one important difference at high ranges, which is that this indicator is much "faster" than the SMA
You can use the indicator's color change as a signal
Attachment download
📎 range_weighted_average.mq5 (8.56 KB)
Source: MQL5 #23186
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