Bill Williams Moving Average
Bill Williams Moving Average technical indicator shows the average price value of an instrument for a certain time period. In contrast to Simple Moving Average there is no mathematical averaging of the instrument price for a given period of time. Only the current price value and the previous indicator value are used in the calculation.
The indicator is calculated according to the formula:
BWMA(t) = (1-1/N)*BWMA(t-1)+CLOSE(t)/N
How the indicator looks like in the chart:
The indicator has the following parameters:
Period - sets the indicator period.
Source - setting of the indicator calculation parameters:
Panel - selection of the indicator location in the chart:
- New panel
Show value - shows the indicator value on the price scale.
Show zero values - shows zero values.
Scale - if this option is ON, the scale will be calculated automatically based on the minimum and maximum indicator values, so that the indicator would be accommodated in the chart.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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