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Weighted Close Indicator
Description:
The Weighted Close indicator calculates an average price
of the bar. The Weighted Close function calculates the
average price of the bar by adding the high, low, and two
(2) closes, and then dividing the sum by four. This
results in an average price that gives more precedence to
the close value. The close is given the most importance of
all the price information of the bar. This function is
useful as a substitute for the argument PRICE used in
several functions.
Additional Analysis:
This indicator also monitors if the current trend has
changed direction. The indicator identifies the current
trend as follows:
An uptrend is identified when Plot2 > Plot2[1] and Plot1 >
Plot2.
A downtrend is identified when Plot2 < Plot2[1] and Plot1
< Plot2. Note: If neither of the preceding two conditions
are met, the trend is the same as it was on the previous
bar.
Note: If neither of the preceding two conditions are met,
the trend is the same as it was on the previous bar.
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Technical Analysis Studies Available
You can adjust parameters of each indicator
to suit you.
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