doughboy

Demand Index

demand index
Release Notes: fixed va
Release Notes: small details
Release Notes: if this is useful to you,
donate: 1MprT7YEEWaM6bUcpD7eeHM3Ht8n3R5jP1
:)
Release Notes: changed sma to avg
added option to switch between sma and avg (default is avg)
added zero line
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thanks doughboy.
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Nicely done.
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@doughboy, I am pretty sure the demand index does not use the simple moving average over 10 periods in its calculation (line 25) I, as far as I can tell, believe line 25 should be
va := avg(highest(high,2)-lowest(low,2),10)
a different form of averaging very similar to a fast Tenkan-sen from Ichimoku, anyway, I though you should know. Otherwise I think this is correct in format. Good job making this indicator
Warm regards,
Shiroki
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platon ShirokiHeishi
@ShirokiHeishi,
Thanks for your contribution. This formula make it less erratic.
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doughboy ShirokiHeishi
ahh yes i think you are right, in reality i think i meant for line 25 to be
va := avg(va, 10)
which would give the same result as what you suggest. thanks
although, comparing the different results i think both could be useful, so i will update with a bool input to choose either sma or avg
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I was wondering if this is the James Sibbet Demand index? and if it is, then thank you very much for adding this indicator to the library.
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doughboy ShirokiHeishi
@ShirokiHeishi, i got the formula for this indicator from the book John J. Murphy - Technical Analysis Of The Financial Markets
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Is it possible to smooth the indicator with a 3 period ema ?
It is not about to overlay a mov avg on the indicator.
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doughboy platon
@platon, by default it smooths with a 10 period ema, you can change that value to whatever you want in the settings
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