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The Weighted Close study is another way of viewing the price data. It is an average of each day’s price, placing a greater emphasis on the closing price rather than the high or low. This process creates a single line chart.
Unfortunately, the study does not have clear cut trading signals. You must use traditional chart techniques, such as trendlines, support and resistance, chart formations, and related technical analysis procedures. If you want a clear and concise picture of the market, this study produces such a picture.
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The Weighted Close does not offer any specific buy/sell signals. It places a greater emphasis on the closing price and highlights chart patterns that are not always obvious on a normal bar chart. If you are a trader for whom the close is always the most important price, this study will supply a different view of the market that conforms to the way you trade.
Content Source: FutureSource