If something other than price is selected as the source, the result is percent change with a positive or negative slope.
If a moving average of price is used as the source, the result is analogous to a strength index
Other options include a look-back period adjustment (the default is 1),
smoothing results by converting to an , and
with Length and Standard Deviation inputs.
// Additionally, an "ArcTan" method is available which allows the slope of a line that crosses zero to be displayed.
// If a moving average of price is used as the source, the result is analogous to a strength index
// Other options include smoothing by converting to an EMA of returns,
// Bollinger Bands with SMA for the Length, and Standard Deviation for the Width.
// When the BB Basis is positive the bands appear green, and when negative they are red.
// if you set the BB basis to one, the color of the BB histogram will indicate the slope only.
Bollinger Bands can be toggled on/off.
sma: The sma function returns the moving average, that is the sum of last y values of x, divided by y.
ema: The ema function returns the exponentially weighted moving average. In ema weighting factors decrease exponentially. It calculates by using a formula: EMA = alpha * x + (1 - alpha) * EMA, where alpha = 2 / (y + 1)
wma: The wma function returns weighted moving average of x for y bars back. In wma weighting factors decrease in arithmetical progression.
rma: Moving average used in RSI. It is the exponentially weighted moving average with alpha = 1 / length.
swma: Symmetrically weighted moving average with fixed length: 4. Weights: .
vwma: The vwma function returns volume-weighted moving average of x for y bars back. It is the same as: sma(x * volume, y) / sma(volume, y)
Bands may be displayed as:
std dev: Standard Deviation (typical multiple value=2)
atr: Average True Range (typical multiple value = 1) RMA of true range. True range is max(high - low, abs(high - close), abs(low - close))
Here's an example show Bi-Weekly Log Returns of the entire history of bitcoin:
Here's an example of Daily Reg Returns in Absolute Price and the indicator being used to show the 30SMA Slope:
Corrected example of Daily Reg Returns in Absolute Price and the indicator being used to show the 30SMA Slope:
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