OPEN-SOURCE SCRIPT
Trendlines with Breaks and EMAs [LuxAlgo]
This indicator, Trendlines with Breaks and EMAs [LuxAlgo], is a comprehensive tool designed for trend analysis in financial markets. Below is a detailed explanation of its features:
Key Features:
EMAs (Exponential Moving Averages):
9-Period EMA (blue line): Tracks short-term price trends.
21-Period EMA (red line): Represents medium-term price trends.
99-Period EMA (green line): Used for identifying the overall long-term trend.
Purpose:
When the shorter EMAs (9 or 21) are above the longer 99 EMA, it typically indicates an uptrend.
When they are below the 99 EMA, it often signals a downtrend.
Trendlines with Breaks:
The indicator automatically identifies swing highs and swing lows to create dynamic trendlines.
These lines are extended for further price action analysis, helping traders spot potential support and resistance levels.
Slope Calculation Methods:
Key Features:
EMAs (Exponential Moving Averages):
9-Period EMA (blue line): Tracks short-term price trends.
21-Period EMA (red line): Represents medium-term price trends.
99-Period EMA (green line): Used for identifying the overall long-term trend.
Purpose:
When the shorter EMAs (9 or 21) are above the longer 99 EMA, it typically indicates an uptrend.
When they are below the 99 EMA, it often signals a downtrend.
Trendlines with Breaks:
The indicator automatically identifies swing highs and swing lows to create dynamic trendlines.
These lines are extended for further price action analysis, helping traders spot potential support and resistance levels.
Slope Calculation Methods:
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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