MWDX Average

MWDX Average is a type of Exponential Moving Average. The user may change the input (close) and factor (.2). This indicator’s definition is further expressed in the condensed code given in the calculation below.

How To Trade Using MWDX Average

MWDX Average may be used in conjunction with other indicators. No trading signals are given.

How To Access in MotiveWave

Go to the top menu, choose Study>Moving Average>MWDX Average

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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Calculation

//input = price, user defined, default is close
//fac = user defined, default is .2
//prev = previous, index = current bar number

value2 = 2/fac -1;
factor = 2 / (value2 + 1);
prevMwdx = isNull(price, Mwdx[index-1]);
Plot: mwdx = factor * price + (1 - factor) * prevMwdx;