This indicator gives the user an easy way to check the conditions of the market. Up market should be good for breakout traders. Down market should be good for breakdown shortsellers The others should be good for pullback buyers.
This script automaticlly check which index should be used for the depending on which ticker is view. If no match is found indicator will use IXIC as reference.
The script works for Nordic and US stocks. "OMXSPI" "OBX" "OMXSPI" "OMXHPI" "OMXCPI" "IXIC"
It then alculated the EMA10 and EMA20 for the index and plots the background depending on 6 differnet conditions.
EMA10 below EMA20 and EMA10 and EMA20 is sloping down. //Down market EMA10 above EMA20 and EMA10 and EMA20 is sloping up. //Up market EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping down. //First indication by market to move up EMA10 above EMA20 and EMA10 sloping down and EMA20 is sloping up. //First indication by market to move down EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping up. //Possible MA cross over EMA10 below EMA20 and EMA10 sloping down and EMA20 is sloping down. //Possible MA cross over