Traders who rely on daily and weekly charts usually apply moving averages to closing prices. This makes sense, because they reflect the final consensus of value, the most important price of the day.
The closing price of a five-minute or an hourly bar has no such special meaning. Day-traders are better off averaging not closing prices, but an average price of each bar. For example, they can average Open + High + Low + Close of each bar, divided by four, or High + Low + Close divided by three.
