OPEN-SOURCE SCRIPT
Updated Dynamic Momentum Ecosystem Futures ver
I've reuploaded my previous uploaded script Dynamic Momentum Ecosystem, but this one specifically catered to futures trading.
The idea and underlying script function as usual.
Lime = Price closed higher + volume transacted higher than average + MACD Histogram increases + 13 EMA increases
Green = Price closed higher + MACD Histogram increases + 13 EMA increases
Red = Price closed lower + MACD Histogram decreases + 13 EMA decreases
Blue = Either MACD Histogram increases/decreases + 13 EMA increases/decreases
Lime candle is viewed as a robust bullish sign as price increases, supported by the rising MACD Histogram, 13EMA, and higher than average volumes transacted. Perfect for dip buying near the 20/50 MAs.
Green candle is viewed as bullish with the rising of MACD Histogram and EMA . Good for dip buying near the 20/50 MAs.
Red candle is viewed as bearish with the declining of MACD Histogram and EMA . Good for short entry. Can also be the early sign to take profits, as it could be the preliminary signal for trend reversal.
Blue candle is viewed as neutral.
The upper dotted purple line is the 52candles high.
The vertical grey line appears when the price > MA50 crosses above MA200, which is a golden crossover.
Traders are advised to time their entry using the impulse coloring system for stocks that are trading near the dotted line, following the grey line formation.
The idea and underlying script function as usual.
Lime = Price closed higher + volume transacted higher than average + MACD Histogram increases + 13 EMA increases
Green = Price closed higher + MACD Histogram increases + 13 EMA increases
Red = Price closed lower + MACD Histogram decreases + 13 EMA decreases
Blue = Either MACD Histogram increases/decreases + 13 EMA increases/decreases
Lime candle is viewed as a robust bullish sign as price increases, supported by the rising MACD Histogram, 13EMA, and higher than average volumes transacted. Perfect for dip buying near the 20/50 MAs.
Green candle is viewed as bullish with the rising of MACD Histogram and EMA . Good for dip buying near the 20/50 MAs.
Red candle is viewed as bearish with the declining of MACD Histogram and EMA . Good for short entry. Can also be the early sign to take profits, as it could be the preliminary signal for trend reversal.
Blue candle is viewed as neutral.
The upper dotted purple line is the 52candles high.
The vertical grey line appears when the price > MA50 crosses above MA200, which is a golden crossover.
Traders are advised to time their entry using the impulse coloring system for stocks that are trading near the dotted line, following the grey line formation.
Release Notes
I added a new set of criteria, basically, it works as the lime candle opposite.So technically there will be new bright red candles that highlight as strong bearish momentum.
Give some love to the bears too :")
Release Notes
Another update. There was an error with the equation criteria for bears. Now should be up and running !Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.