That's it. is cool. I'm going to use it as the average for the . Good day.
Midtownsk8terguy reached out and facilitated the improvement of the code design. They were good edits. We're stronger together =) Thanks man.
See notes in the code.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
A series, among other things, is a dynamic output of the calculation of a function, most often a built-in function.
for example if you wanted to do something like alma() , but on each candle, you recalculate the length, that won't work on TV. You need an integer for the length to use the built-in function.
Say you want the length of the function alma() to be: barssince(pivothigh(10)). That is a series; a dynamic output of a function. Every new bar the length goes up by one as time/candles move away from the pivot, then goes to zero when the new pivot is set.
If you are using static lookback lengths, then using the built-in alma() function will work fine. But if the length changes as the chart runs, You need a custom function like the above to make it work.
CCI is an indicator based on mean deviation. So, over +100/-100 is above/below the 1.25 standard deviation of the MEAN or average. So 'length' as a part of the CCI calculation includes a sma() function to establish the mean. Otherwise stated the standard CCI is the mean deviation from the SMA20.
Essentially instead of using an SMA to determine the average of the CCI, you use an ALMA average instead.
This requires a user-defined function to work. Can't do it with the built-in CCI function.
Please let me know if that made sense and answered your question. :)
Brilliant! Makes total sense. Thanks for this clear and thoughtful answer.
I will play around with this, and look more into using the ALMA with other indicators. I run SMA on OBV (in metatrader), but i think i will try ALMA instead here on TV (fixed length should be fine).
I've never done this in TV (applying an MA to an indi series) please let me know if there are any gotchas i should look out for.