Theory:
Hey traders! Today, let's dive into a nifty tool for your trading toolkit—the extended version of Wilder's double smoothed EMA. This isn't just any EMA; it's a 'corrected' version, thanks to Dr. Alexander Uhl's innovative approach to averaging.
What's cool about this indicator is that it introduces floating levels, giving you four distinct options for color changes. Here’s how you can set it up:
- Change color when the outer floating levels are crossed
- Change color when the middle floating level (think of it as your 'zero line') is crossed
- Change color on a slope change
- Change color when the original value crosses the corrected value
Usage:
These color changes can serve as powerful signals for your trading decisions. Keep an eye on them, and you might just catch some great opportunities!
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