Objective: Create an intraday moving average indicator that calculates for the current session only. Have the option to turn on “compensation” which will scale the MA from 2 bars to its defined length.
The image shows a 10 period intraday MA with compensation turned on. The indicator starts at bar 2 with the MA(2) and stops compensating at bar 10, MA(10).
The concept above interests me because intraday Moving Averages appear worthless at the start of the session, when prices are most likely to gap and experience the most volatility. This is an attempt to compensate for that weakness.
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