Weighted Close (Indicator)Analysis Techniques & Strategies
Weighted Close (Indicator)
| Name | Expression | Default | Description |
| Length | Numeric | 9 | Number of bars to include in the calculation of the Weighted Close. |
The Weighted Close for each bar is calculated as an average of the high, low and close, with the close getting twice the weight of the high and low. This value is then plotted on the chart. An average of the Weighted Close from the most recent number of bars specified by the input Length is also plotted. Using the Weighted Close instead of the close in calculating and plotting, say, a moving average weighs the high and low into the calculation.
This indicator can be used in a manner similar to the Mov Avg 2 Lines, with attention given to the direction and relative position of prices, Weighted Close and the average of the Weighted Close.
| Number | Name | Default Color | Description |
| Plot1 | WtdClose | Cyan | Plots the Weighted Close value. |
| Plot2 | Avg | Magenta | Plots the average of the Weighted Close value. |
When applied to a chart, this indicator displays two plots in the same subgraph as the price data.
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