As requested, here is the WWMA as an actual script release, I wasn't going to release this at first, but figured I would since it was requested, and I could help shed some light on what it is at the same time.
There is nothing too fancy about the WWMA, it is basically an ema calculated a little differently. I've added an ema with a different length that mirrors the WWMA to help illustrate this. Scroll over the EMA and you will see they are both the same.
Is there an advantage to one or the other?
I honestly couldn't tell you (chime in if you know!). But for those of you who are interested in Wilder, it's good to know what he used to calculate some of his indicators.
There is nothing too fancy about the WWMA, it is basically an ema calculated a little differently. I've added an ema with a different length that mirrors the WWMA to help illustrate this. Scroll over the EMA and you will see they are both the same.
Is there an advantage to one or the other?
I honestly couldn't tell you (chime in if you know!). But for those of you who are interested in Wilder, it's good to know what he used to calculate some of his indicators.
study(title="The Lark: Welles Wilder Moving Average",shorttitle="WWMA_LK",overlay=true)
// Inputs
length = input(defval=14)
sd = input(true, title="Show dots?")
ccol = input(true,title="Change Color?")
// Calc
wwma(l,p) =>
wwma = (nz(wwma[1]) * (l - 1) + p) / l
wma = wwma(length,close)
// Styling
col = ccol ?( wma > wma[1] ? #0094FF : #FF3571) : #0094FF
up = wma > wma[1] ? 1 : 0
down = wma < wma[1] ? 1 : 0
// Plots
plot(wma,linewidth=2,color=col)
plot(sd and cross(up,down) ? wma : na,style=circles, linewidth=4, color=col )