- Resolution : resolution of the indicator
- Length : period of the efficiency ratio and the Wilder moving averages used in the script
If you are not interested in during ranging markets, this indicator might result useful to you. An interesting aspect is that it both measures , but also determine whether the market is trending or ranging, with a zero value indicating a ranging market.
Indicator against Atr, with both length = 14, our indicator might be easier to interpret.
Thx to my twitter followers for their suggestions regarding this indicator. I apologize if it's a bit short, the original code was longer and included more options, but forcing a script to be lengthy is a really bad idea, so I stayed with something less flashy but certainly more practical, "classic Grover" some might say.
Thx for reading!
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You can also check out some of the indicators I made for luxalgo : https://www.tradingview.com/u/LuxAlgo/#published-scripts
What springs to mind when I asked the question about the smoother is the lag involved in RMA. Is the only way to get "zero lag" by increasing the amplitude response and zeroing the phase response? This has the undesired effects for this specific indicator because it causes overshoot (unwanted bumps) where it should be zero. In your expert opinion, is it possible reduce lag without the expense of non-causality? I'm bad at math so it's tough to wrap my head around this stuff.