NeoButane

CWAP - Candle Close Weighted Average Price

Variable EMA length based on candle closes.


Current candle is greater/lesser than previous candle close in successive periods = add to the length


In the case of reversals, price tends to spike up, retrace, then reverse. In that event, the EMA resets length to catch up before a full reversal occurs.

When price moves uniformly in one direction, the EMA length increases excessively to prevent chop.

Similar to a McGinley Dynamic, except weight isn't give to a particular direction.

My published indicators: www.tradingview.com/u/NeoButane/

Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
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