Weighted Bulls-Bears Variety Smoothed highlights potential buy and sell moments in the market. Users can customize the data source and select their preferred type of moving average for calculations. The resulting visualization is a column-style plot that changes color based on bullish or bearish market conditions. Additionally, the script can color chart bars and provide visual markers to indicate buying ("Long") or selling ("Short") opportunities. Alerts can also be set for these trading signals.
█ Inputs:
Users can choose the source for calculations (e.g., closing price).
They can set periods for calculations and smoothing.
They can select the type of moving average they prefer for smoothing: EMA, FEMA, LWMA, SMA, or SMMA.
█ Weighted Bulls-Bears Calculation:
It determines the highest and lowest prices over a user-defined period.
Then, it calculates the 'bull' and 'bear' values based on these highest and lowest prices. These values are weighted based on their distance from the current price.