TEWMA - [JTCAPITAL]

Triple Exponential Weighted Moving Average is a modified way to use Weighted Triple Moving Averages for Trend-Following

The indicator works by calculating in the following steps:

1. The length gets multiplied by the multi to get the second length.

2. The Triple Exponential Moving Average gets calculated using the Weighted Moving Average as input.

3. This calculation is done over the first and the second length.

4. The average from both calculations is taken and used for buy and sell conditions.


--Buy and sell conditions--

-The buy and sell conditions are defined by the average of both indicators having a higher value than the previous bar.

-Average higher than the previous average = Long
-Average lower than the previous average = Short


--Features and Parameters--

-Allows the usage of different sources
-Allows the changing of the calculation length
-Allows the changing of the multiplier to determine the second length
-Allows the use of alerts for signal changes


--Details--

This script uses the result of the calculation of the Weighted Moving Averages as inputs for the Triple Moving averages. The usage of 2 separate calculations and using the average of them for trend determination is to allow for faster entries and exits while limiting potential false signals.


Enjoy!