EVWMA ACCUMULATION/DISTRIBUTION PRESSURE & FRACTAL BANDS Version: 3.0 @ 4.11.2015 By Ricardo M Arjona @xel_arjona
DISCLAIMER: The following indicator IS NOT INTENDED TO BE A FORMAL INVESTMENT ADVICE OR TRADING RECOMMENDATION BY THE AUTHOR, nor should be construed as such. Users will be fully responsible by their use regarding any kind of trading vehicles or assets.
The following script and ideas within this work are FREELY AND PUBLICLY availables on the Web for NON LUCRATIVE ACTIVITIES and must remain as is.
-== IMPORTANT: THIS IS AN EXPERIMENTAL INDICATOR ==-
What is this?
This work is a derivation of my previous Accumulation/Distribution scripts publicly available in TradingView in an effort to clean, speedup and make the indicator cleaner as possible.
The current indicator is based on already tested and Mathematically proof concepts as described below:
The MAIN Rolling back median line or "Vortex" is constructed by a simple and equal weighting of distributed volume along the candle range (This approach is just an "estimator" of Buyers Vs. Sellers given the lack of tick resolution in TradingView, a real "DELTA" can only be 100% reliable with Market Depth (Ask/Bid ticks)), Given this, with each "volume weights", the price is post-processed against a true statistical Average calculation formerly: ELASTIC VOLUME WEIGHTED MOVING AVERAGE.
The FRACTAL BANDS are just Standard Deviation's with GOLDEN RATIO as multiplier (1.618) derived one from each other within it's origin on the former "Vortex Median".
The Standard Error Bands comply as the original indicator described by Jon Andersen but given the true statistical nature of EVWMA, the original LinReg line has been substituted by the former.
ALL NEW IDEAS OR MODIFICATIONS to this indicator are welcome in favor to deploy a better technical tool. Any important addition to this work MUST REMAIN PUBLIC by means of CreativeCommons CC & TradingView user rules. (C) 2015 @xel_arjona
impressive work done, line 52 and 53 seem unclear about he evwma function, where is array, window, share and volu data gotten from? it seem not stated in the published code. evwma(array,window,shares,volu) =>
ibtrd
⋅
How to set alerts on the red/green values?
Om-Namah-Shivay
⋅
Are most / some of the users (approximately 600) of this indicator getting good results? Kindly let me know. Seriously considering this one.
TheYangGuizi
⋅
This indicator should be more popular. Price reacts really well to the levels it draws,
xel_arjona
⋅
Thank you @TheYangGuizi - This indicators are very experimental... Use them with discretion. All timeframe (compressed price issues) analysis or studies need to be treated what they are: Statistic Representation of the real thing (not the real thing by itself): TICK'S of Buy and Sell Blocks (volume) without a linear constan frequency in time is the real approach to make real statistics and analysis. I really would like to use plain EVWMA approach for this kind of studies but at TICK level. TradingView currently not have this kind of data yet and maybe they will never implement, given that their target are graphical tools, not statistical. Cheers and Thanks for the comment! ;)
MartinWeb
⋅
@xel_arjona, did TV update something regarding this TICK's so yet?
xel_arjona
⋅
@MartinWeb, Not as I know, closer we can have now (1Q 2021) are 1 second time-compression resolution on premium plans, which still relay's on time against trading-issues as the way real market reacts. Anyways, lot's of econometric-math academic papers that study volatility argue that at timeframes compressed more than 5 minute window will suffer from something they call "microstructure" ((Bandi and Russell, 2006; Hansen and Lunde, 2006). Cheers!
line 52 and 53 seem unclear about he evwma function, where is array, window, share and volu data gotten from? it seem not stated in the published code.
evwma(array,window,shares,volu) =>