The slope of a moving average can be a pretty good representation of a market's general trend. If a moving average is sloping up, very likely Price is moving up as well.
This indicator is free to download and use. We wish you good luck with your trading.
TC_SlopeOfMA indicator measures and displays the slope of 8 different moving averages. Each has a preset color, although you are free to change the colors to suit your own needs.
The color of the WMA (Weighted Moving Average), defaults to black. If you usually use black backgrounds on your charts, the indicator detects this and will change the WMA color to white.
You can load multiple instances of the indicator into the same chart panel. You might do this to look at varying types of moving averages which all have the same period, as in the pic below.
Or you may wish to look at multiple instances of the same MA type but with different lengths. Notice in the image below how a powerful move coincides with the 3 moving average slopes all turning at once quite close together. This is usually how Guppy Multiple Moving Averages work, however Guppy uses just the simple moving averages themselves, not the slope.
We suggest you develop your own uses for this indicator by spending some time with it looking at charts.
Length - This is the number of bars we use for the moving average calculation
Lookback - The number of bars used to calculate the slope of the moving average. Higher numbers are smoother but more lagging.
MAType - a pop-up menu to choose the type of moving average. Choose from SMA, EMA, WMA, VMA, HMA, TMA, TEMA and Linear Regression. (options differ on eSignal version)
Price Type - Choose from Close, Typical, Median etc