Weighted Close Price (WCLPRICE)
An average of the High, Low, and Close prices, with double weight given to the Close price.
Usage
Use to emphasize the importance of the closing price while still accounting for the total range of the bar.
Background
Weighted Close Price gives additional significance to the Close, reflecting the widely held belief that the closing price is the most important data point in a trading session. It provides a more nuanced input for smoothing algorithms. — TA-Lib Documentation
Formula
\[
WCLPRICE = \frac{High + Low + 2 \times Close}{4}
\]