Daily and Weekly Moving Averages on Daily Chart

The Daily and Weekly Moving Averages on Daily Chart indicator provides a multi-timeframe trend analysis suite by overlaying specific daily and weekly moving averages onto a single chart to identify long, medium, and short-term market directions.

Usage

The Usage section focuses on how these different moving average lengths help categorize market trends. Users can monitor the interaction between daily and weekly calculations to refine entry and exit points.

• Long-Term Trend: The 200-day SMA (black) and 150-day SMA (orange) serve as the primary trend filters. Price action sustained below these levels typically indicates a bearish regime, while price action above them suggests a long-term bullish bias.
• Medium-Term Trend: The script plots both a 50-day SMA and a 10-week SMA in red. While numerically similar, the 10-week SMA provides a smoothed perspective that can help traders decide whether to hold a position during minor daily volatility.
• Short-Term Trend: The 10-day and 20-day EMAs (blue) are used to track immediate momentum. The 20-day EMA is plotted with a thicker line to distinguish it as the primary short-term baseline.

Details

The script utilizes request.security to fetch data from both daily ('D') and weekly ('W') timeframes, ensuring that the 10-week SMA is calculated correctly regardless of the chart's current resolution. By combining simple moving averages (SMA) for long/medium-term views and exponential moving averages (EMA) for short-term responsiveness, the tool captures different facets of price velocity. This specific combination of averages—particularly the inclusion of the 150-day SMA (often correlated with Stan Weinstein's 30-week stage analysis)—is designed for swing and position trading.

Settings

• Long Term Daily SMA (200): Adjusts the period for the primary long-term simple moving average.
• Long Term Daily SMA (150): Adjusts the period for the secondary long-term simple moving average.
• Medium Term Daily SMA (50): Adjusts the period for the daily medium-term simple moving average.
• Medium Term Weekly SMA (10): Adjusts the period for the weekly simple moving average, fetched from the weekly timeframe.
• Short Term Daily EMA (20): Adjusts the period for the primary short-term exponential moving average.
• Short Term Daily EMA (10): Adjusts the period for the secondary short-term exponential moving average.

FAQ

How do I interpret the dual red lines? The red lines represent the 50-day SMA and the 10-week SMA. The 10-week version is slightly thicker and provides a broader weekly perspective, which can help filter out "noise" that might occur on the standard 50-day daily average.

What do the blue line crossovers signify? The blue lines represent short-term momentum. When the 10-day EMA crosses above the 20-day EMA, it triggers an alert indicating a potential bullish shift in short-term momentum.

How can I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.