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McGinley Dynamic Indicator

by The trader, 1124 days ago
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One of the major problems of moving averages such as the simple moving average is its lack of quick response to price. The higher the lookback period of the moving average, the slower the response to price movements. Other moving averages, such as the exponential moving average (more weight is given to the latest data), have tried to improve the responsiveness to market movement, but for many traders this is not enough.

McGinley Dynamic indicator tries to address this issue; it was designed to be more responsive to the underlying security changes.

Instead of a lookback period such as the ones you can find in moving averages, McGinley Dynamic indicator replaces it by a constant number that defines how closely the indicator tracks the stock or security. McGinley Dynamic adjusts itself depending on the speed and volatility of the market and it can be used in both fast/slow markets and long/short trading systems or strategies.

The function behind this indicator is called: "McGinleyDynamic":
Series: The time-series used to calculate the trading indicator. Example: close
Number: A constant value that specifies how closely the indicator tracks the index

Example:
a = McGinleyDynamic(close, 10);
Plot(a, "McGinley Dynamic Technical Indicator");

To simulate a 50-day moving average, you should set N to 60% of the moving average period (60% of 50 = 30).

McGinley Dynamic indicator was invented by a market technician, John R.McGinley, in 1990.


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Type: Trading Indicator

Object ID: 1044


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