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The 'Buff Averages' is an indicator created by Buff Dormeier. It first appeared in the Traders' Tips section of the Stocks & Commodities magazine in February 2001. The function accepts two inputs: a price time-series and a length period. The indicator volume-weighting calculation is applied to the price time-series. The length period represents the number of bars to be used in the calculation of the summation functions.
For each bar, the indicator calculates the sum of the volume over a number of bars specified in the 'length' parameter, and then it sums the following formula: price multiplied by volume and then divided by the previously calculated sum of volume.
You can create a fast and slow 'Buff Averages' lines by selecting a low length period for the fast line and a high length period for the slow line. Example: buffavg(close, 5) for the fast line and buffavg(close, 20) for the slow line.
I have not done any analysis on this indicator, but you can use the rules analyzer to test and optimize different rules. You can for example create a crossover of the fast and slow lines rule or an increase in the buff averages line rule or a divergence between the indicator and the close price series rule.
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