TradingView
colinmck
26 feb 2020 13:19

EMA Trend Meter 

BITMEX:XBTUSD.P240
Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Descrizione

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This is a useful trend analysis tool that I've seen others sell for high monthly subscription fees. I'm giving my version away for free.

The script consists of 3 EMAs, all weighted against the same baseline moving average to give you an overview of the trend. My meter shows the status of each EMA; either up (green) or down (red). When you see two of the same colour vertically aligned then the trade will most likely go in that direction. When all three are the same colour then it's a certainty.

The top row represents the stochastic RSI direction to further validate the EMA signals. Grey is up, black is down.

Default values for the EMAs are 7, 14 and 21 but please tweak to fit your chart.

Alerts are built in for longs and shorts when either 2 or 3 EMAs are the same colour and the stochastic indicator agrees. They'll fire only in the first instance (long/short) so you won't receive repeat alerts on each candle.

NOTE: This is a metered indicator and you get only the bottom portion of what's shown here. The signals overlaid on the chart are merely to demonstrate when the meter alerts would fire.
Stochastic RSI (STOCH RSI)Exponential Moving Average (EMA)trendtrendtradingalerts
Commenti
cryptoshut
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Hello, Sir i am using this scriprt. but its not showing buying and selling position. Its only showing the meter. please help
MooreMuzik
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Hey Colin- where can I find the trend meter alerts you're using with this indicator
Hociemocie
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awesome indicator.. .quick question - what does it mean when instead of grey or black it appears white or blank? Thanks!
LucasBMW
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@Hociemocie, that the lines of the RSI Stoch are equal to each other.
NvncblTitan
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Is it possible to get access to the script? Many thanks for your work.
LucasBMW
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@NvncblTitan,
//@version=5
indicator("EMA Trend Meter")
import TradingView/ta/7
len1 = input(13, 'Length EMA1')
len2 = input(21, 'Length EMA1')
len3 = input(55, 'Length EMA1')
K_ = input(3, 'Smooth K')
D_ = input(3, 'Smooth D')
L1 = input(14, 'RSI Length')
L2 = input(14, 'STO Length')

EMA0 = ta.ema(close, 1)
EMA1 = ta.ema(close, len1)
EMA2 = ta.ema(close, len2)
EMA3 = ta.ema(close, len3)

[a, b] =ta.stochRsi(L1, L2, K_, D_, close)
Bull1 = EMA1 < EMA0
Bull2 = EMA2 < EMA0
Bull3 = EMA3 < EMA0

plot(30, 'S_R' , color = a > b ? color.gray: a < b ? color.black : na, linewidth= 4, style= plot.style_circles)
plot(20, 'EMA1', color = Bull1 ? color.green: color.red, linewidth= 4, style= plot.style_circles)
plot(10, 'EMA2', color = Bull2 ? color.green: color.red, linewidth= 4, style= plot.style_circles)
plot(0 , 'EMA3', color = Bull3 ? color.green: color.red, linewidth= 4, style= plot.style_circles)
NvncblTitan
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@LucasBMW, Wow, nice. Thanks!
magikmoney33
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your a good man great human being much respect much love brother
anupamyadav50
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Yes, This is the best trend confirmation indicator.
Thanks bro.
Altro