Zero-Lag Exponential Moving Average

The ZLEMA indicator or zero lag exponential moving average is a technical analysis indicator originally created by Ric Way and John Ehlers.

The goal of the indicator is to try to eliminate the inherent lag of all trend following indicators which average prices over time such as the simple or exponential moving averages.

Instead of applying the exponential moving average on the regular data (usually the close price), the indicator applies it to a de-lagged data, which is the original data removed from the "lag" days.

Usually, a stock is considered bullish when the zero lag EMA is above the original EMA and bearish when the zero lag EMA is below the original EMA.

Example of usage:

a = Zlema(close, 250);
Plot(a, "Zero-Lag exponential moving average", colorGreen);

// Plots the 250-bar Zero-Lag exponential moving average on a chart

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