+ %UMA

ClassicScott Updated   
If you are familiar with the %B for use with Bollinger Bands, then you will understand this indicator immediately.

Designed for use with my +UMA moving average, this works in exactly the same way, with a few differences.

First off, as you can choose on which type of moving average the calculations are made, so too you will want to match this up with the one you are using. That of course goes for the standard deviation as well (just like you would with Bollinger Bands and %B). Here, because the +UMA uses highs and lows to create a sort of moving average channel, and then also to create the bands, I've opted to set the inner part of the bands as the extreme edge that the %UMA equates with the upper and lower lines.

I've added a moving average, donchian channels, and auto-plotted divergences as well, if you like. Typical color related stuff that I do. Alerts for everything.

Hope you like it!

The above image is comparing two of the same indicator, but based on different moving averages, and how it might plot divergences differently between the two.
Release Notes:
fixed something that I had changed previously because I thought it was weird, but in fact is not weird and instead makes lots more sense, like I originally thought. don't mind me. :) lol
Release Notes:
- updated to version 5 pinescript
- added a couple additional moving averages
- updated to +RMA for use with that version of the UMA
- added circles at top and bottom of indicator for crosses of the %UMA and the moving average.
Release Notes:
- missed a change just a minute ago.... fixed

Open-source script

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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?