Weighted Moving Average
is a variation on Simple Moving Average. Instead of giving equal weight to all days in the period, the WMA gives progressively more weight to recent days.
First determine the total weighting as (Period * (Period + 1)) / 2.
So for a 5 day period the total weighting is 15.
Then multiply each price in the period by (n / total weighting), where n is the day number in the period.
5 day WMA = (Price1 * (1 / 15)) + (Price2 * (2 / 15)) + (Price3 * (3 / 15)) + (Price4 * (4 / 15)) + (Price5 * (5 / 15)).
Average Other Values
Although the default input is Close Price, you can vary this to any other item. For example, you could specify Volume as the Custom Input to create Weighted Moving Average Volume.