OPEN-SOURCE SCRIPT
DMMAverages and IMA
This puts away multiple moving averages. The moving average line that this draws is calculated from the closing price, but it uses a slightly different method to determine if the moving average line is heard, and if the closing price is between the high and low moving averages, it counts. The ratio of each count is calculated and the rate of change (variance) is calculated. This value is used as the basis for the assistance. If the variance is high, it means that this average line is working. It also draws a label and displays its value. This value will change to the color of the moving average you are currently listening to. When you change the color yourself, it is indefinite.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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