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The indicator was created by John Ehlers and Ric Way around 2010.
Formula
The formula for a given N-Day period and for a given data series is:
The idea is do a regular exponential moving average (EMA) calculation but on a de-lagged data instead of doing it on the regular data. Data is de-lagged by removing the data from "lag" days ago thus removing (or attempting to) the cumulative effect of the moving average.