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EMA Magnetic Pull

ozzy_livin Updated   
Moving Averages Candlestick analysis
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3
movingaverage candlestickanalysis
Color coded indicator showing the "Magnetic Pull" of a specifed Moving Average. Indicator changes color based on how high price has exceeded the specified moving average. The default moving average is set to 50, but users can define their desired moving average.

Bitcoin Weekly Chart Example:
  • Gold or White may indicate that an asset is overbought suggesting a trend reversal or corrective pullback in price
  • Light Blue may indicate that an asset is oversold, suggesting an undervalued condition
Release Notes:
Added the ability to colorize candles/bars to match current conditions of EMA Magnetic Pull indicator
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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