EMA20-50-MTF Make Money Indicator

EMA20-50-MTF Make Money Indicator
This comprehensive TradingView indicator is designed to help traders identify potential high-probability entry points by combining multiple technical analysis concepts into a single, cohesive tool. It focuses on trend conformity, momentum, key market levels, and pattern recognition to generate BUY and SELL signals.
Key Features:
• Trend Analysis: Utilizes EMA 20 and EMA 50 crossovers and their slope percentages to determine the current trend strength (Strong Uptrend, Strong Downtrend, Sideways).
• Multi-Timeframe (MTF) Confirmation: Optionally filters signals based on the trend alignment with a user-defined higher timeframe, enhancing signal reliability.
• Candlestick Pattern Recognition: Identifies common bullish (e.g., Hammer, Bullish Engulfing, Morning Star) and bearish (e.g., Shooting Star, Bearish Engulfing, Evening Star) reversal patterns.
• Volume Confirmation: Ensures significant trading volume accompanies signals, indicating stronger conviction behind price movements.
• RSI Filter: Uses RSI exiting overbought/oversold conditions as an additional filter for entry signals.
• ATR Filter: Assesses market volatility using ATR to help avoid signals during overly quiet or inactive market conditions.
• Dynamic Key Levels: Automatically detects and plots significant support and resistance levels based on confirmed swing high/low points. Signals are often generated when the price retests these levels or EMAs.
• Confluence Signals: BUY/SELL signals appear only when multiple criteria (trend, MTF, pattern, volume, RSI, ATR, key level retest) align, aiming for higher quality setups.
• Risk Management Suggestions: Provides ATR-based Stop Loss and Risk:Reward-based Take Profit level suggestions directly on the chart when a signal appears.
• In-Chart User Guide: Offers an option to display a detailed user guide on the chart in both English and Vietnamese.
How to Use:
Look for BUY signals in established uptrends when the price retests a support zone (EMA or Key Level) and is confirmed by bullish candlestick patterns, volume, and filter conditions. Conversely, look for SELL signals in established downtrends under similar (but opposite) confirming conditions. Always consider the broader market context and use this indicator as part of your overall trading strategy.
Disclaimer:
This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Trading financial markets involves significant risk of loss. Always conduct your own thorough analysis and implement proper risk management strategies before making any trading decisions. Past performance is not indicative of future results.