Abbreviation: PriceRange VolWgtAvg
Category: Advanced Price Basic
Input Parameters:
| Name | Range | Default |
| High Price | High | |
| Low Price | Low | |
| Price Periods | Int >= 1 | 6 |
| Volume | Volume | |
| VolWgtAvg Periods | Int >= 1 | 5 |
Calculation:
VolWgtAvg(X, Volume, VolWgtAvg Periods)
where
X = PriceRange(High Price, Low Price, Price Periods)
PriceRange represents Price Range
VolWgtAvg represents Volume Weighted Moving Average
Discussion:
This indicator attempts to smooth the Price Range indicator by calculating its moving average. Since it uses a volume weighted moving average (which gives more importance to those periods with higher volume relative to the other periods in the moving average’s time frame), the smoothing is influenced more by periods of relatively higher volume than by periods of relatively lower volume.