The Weighted Close indicator is simply an average of each day's price. It gets its name from the fact that extra weight is given to the closing price. The Median Price and Typical Price are similar indicators.
The Weighted Close indicator is calculated by multiplying the close by $weight, adding the high and the low to this product, and dividing by (2 + $weight). The result is the average price with extra weight given to the closing price.
The standard Weighted Close is configured with : $weight = 2.
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