This indicator can be used to visualize when price is above or below special exponential moving averages (8, 21, 50 and 200) that are also displayed on the chart. A green or red background is plotted then, that can be followed as a trend. You can define the amount of risk (e.g. in $) and the number of previous bars that will be used to calculate the stop loss. For the stop loss a label is shown (long or short) that displays the quantity to buy or sell for your defined risk. It is recommend to use the indicator in combination with my Stochastic & RSI (see chart) to enter trades long or short when stochastic is overbought or oversold and RSI above or below 50.
US100
US100
Release Notes:
Update trend indication: ema8 has to be above / below slower ema
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EMA description and length adjusted
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Show stop loss buy or sell depending price above or below slowest EMA
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SMA 40 added as special pullback indicator
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Added alerts for long or short trend change
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Add MTF support for slow EMAs
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SMA replaced by EMA for trend detection
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Length of EMAs can be set
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MTF EMA not displayed by default, 20, 50, 200 ema default length
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ATR Stop added as dots (bullish, bearish)
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Input option for ema fast and middle length
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EMA Ribbon added with option to hide it
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Alert when price is close to trend EMA (default 200 EMA)
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Performance improved, ema ribbon removed
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TEMA for trend included
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TEMA with custom length, pine version 5
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Refactoring and 4th ema added
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ATR stoploss multiplier added
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Added real price display for Heikin Ashi chart type
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Labels for engulfing candles added
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Engulfing pattern bug fixed
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Barcolor for engulfing added
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Engulging candles added and atr to 10
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Volatility Stop Length added
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Inside bar added as candlestick pattern
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Inside bar without color
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