WMA Short term bands
These are WMA bands, that measure 100 period atr vs a 56 period moving average to give you the normal trading range.
Dotted lines are good for stops and take profit levels.
Dotted lines are good for stops and take profit levels.
study(title="WMA Short term Bands", shorttitle="WMASTB", overlay=true) source = close length = input(56, minval=1, title = "WMA Length") atrlen = input(100, minval=1, title = "ATR Length") mult1 = 2 mult2 = 3 ma = wma(source, length) range = tr rangema = wma(range, atrlen) up1 = ma + rangema * mult1 up2 = ma + rangema * mult2 dn1 = ma - rangema * mult1 dn2 = ma - rangema * mult2 color1 = red color2 = red u4 = plot(up1, color = color1) u8 = plot(up2, color = color2) d4 = plot(dn1, color = color1) d8 = plot(dn2, color = color2)
