Custom Log 21 Week SMA

The Custom Log 21 Week SMA (CL21SMA) indicator is a custom technical analysis tool that calculates and plots the log values of the asset's price relative to its 21-week simple moving average (SMA). This indicator can be used to identify potential trends and price deviations from the moving average.

The CL21SMA indicator performs the following calculations:

Compute the 21-week simple moving average (SMA) of the asset's closing price.
Calculate the log values by dividing the closing price by the 21-week SMA and then taking the base-10 logarithm of the result.
Plot the log values on the chart.
The CL21SMA indicator can help traders to:

Identify potential trends: A positive log value suggests that the price is above the 21-week SMA, indicating a potential uptrend. Conversely, a negative log value implies that the price is below the 21-week SMA, suggesting a potential downtrend.
Detect price deviations: Significant deviations from the 21-week SMA, as indicated by the log values, may highlight potential overbought or oversold conditions, which could prompt traders to take appropriate positions.
Please note that the CL21SMA indicator is best suited for longer-term analysis and should be used in conjunction with other technical indicators and trading strategies to improve the overall decision-making process.