Selective Moving Average: Demo

wbburgin Updated   
This indicator produces a conditional moving average based off of your chosen inputs. For example, you can create an EMA that only takes into account closing prices when the 14 period RSI is greater than 50, or a VWMA that tracks hl2 values when the hl2 value is within one standard deviation from the mean. The possibilities are highly configurable to your liking. Please comment below additional conditions you might like me to add to the moving average and I will try my best to get to your feedback.

The following parameters are configurable:

--> Source: This is the source of the moving average that you want to create. You can use external sources if you have another indicator on your chart.

--> Condition: This is the condition that you want to take into account when the moving average is calculating itself. For instance, I have the following conditions pre-built (more to come): Source within 1 standard deviation of the mean (of the source), Source within 2 standard deviations of the mean (of the source), Positive volume, Negative volume, RSI greater than 50, RSI less than 50, Candlestick length greater than body.

--> Length: The length of the selective moving average. For conditions that occur infrequently, a larger length may be necessary to improve accuracy.

--> Average type: The type of moving average (SMA, EMA, RMA, etc.) that you wish to create

--> Condition length: An optional parameter if you are using a condition that depends on a length itself, i.e. the RSI - here you can change the RSI length. The RSI source will be the moving average source, but future updates may separate the two.
Release Notes:
Updated special circumstances where the length was shorter and because conditions were unfulfilled the MA went to zero; now a line break plot to ensure this does not mess up your charts.

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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.


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