CODEWITHSUNDEEP
pine-scripttradingview-api
Luka Savic
Luka Savic

Reputation: 121

Calculating current EMA value correctly without using ema()

Here is my idea for this script. I find the number of candles between the swing low and the swing high, and that becomes the period for my EMA. (I have a starting candle for the lookback period of course)

I need to get the value for the EMA[0], but that seems not to be possible with basic functions, so I wrote mine. I used the basic equation found on the internet, still my calculations are not correct. Always wrong by 0.001 or more.

Here's the code.

lookbackPeriod = (1440) // 24hrs
var timeframA = 1
period = timeframe.period

numOfCandles = lookbackPeriod/timeframA // numOfCandles is a number of candles to look back into the past


var lastLabel1 = label.new(bar_index-numOfCandles,high[numOfCandles],text="")
var lastLabel2 = label.new(bar_index-numOfCandles,high[numOfCandles],text="")
var lastLabel3 = label.new(bar_index-numOfCandles,high[numOfCandles],text="")
var lastLabel4 = label.new(bar_index-numOfCandles,high[numOfCandles],text="")
var lastLabel5 = label.new(bar_index-numOfCandles,high[numOfCandles],text="")

pine_ema(src,time_period) =>

    alpha = 2 / (time_period + 1)
    ema = 0.0
    ema := alpha * src + (1 - alpha) * nz(ema[1])
    ema

Ema(src,p) =>
    ema = 0.
    sf = 2/(p+1)
    ema := nz(ema[1] + sf*(src - ema[1]),src)    
    
if barstate.islast == true

    var HH = high[0]
    var LL = low[0]
    var HHcandleNum = 0
    var LLcandleNum = 0
    for i = 1 to numOfCandles
        if high[i] > HH
            HH:=high[i],
            HHcandleNum := i
        if low[i] < LL
            LL:=low[i],
            LLcandleNum := i

    if label.get_text(lastLabel1)!=""
        label.delete(lastLabel1)
    if label.get_text(lastLabel2)!=""
        label.delete(lastLabel2)
    if label.get_text(lastLabel3)!=""
        label.delete(lastLabel3)
    if label.get_text(lastLabel4)!=""
        label.delete(lastLabel4)
    if label.get_text(lastLabel5)!=""
        label.delete(lastLabel5)
    lastLabel1 := label.new(bar_index-numOfCandles,high[numOfCandles],text="start") // print the start of the lookback period
    lastLabel2 := label.new(bar_index-HHcandleNum,high[HHcandleNum],text="HH") // print the HH
    lastLabel3 := label.new(bar_index-LLcandleNum,low[LLcandleNum],text="LL") // print the LL
    int num = abs(HHcandleNum-LLcandleNum)[0]
    
    float sum = 0
    for j = 0 to num-1
        sum := sum + float(close[j])
    sma = sum/num
    
    
    lastLabel5 := label.new(bar_index-4,high[4],text = tostring(num))
    
    
    float value = 0
    float before_value = close[num]
    smoothing = 2/(1+num)
    
    for i = num-1 to 0
        value := close[i]*smoothing + before_value*(1-smoothing)
        before_value := value
    
    value := round(value,5)
    lastLabel4 := label.new(bar_index,high[0],text = tostring(value)) // print ema value on last candle

Try it on your chart, (1min timeframe because I removed some code for other tf's) and you'll see what I mean.

Thanks in advance!

Upvotes: 0

Views: 352

Answers (1)

rin
rin

Reputation: 21

nice idea. You could change the label of the HH and LL only if they are broken and not with each new bar. You could also plot your EMA (period obtained from the number of candles between high and low)

Upvotes: 1

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