PROTECTED SOURCE SCRIPT
Sweep + Cement Candle Coloring with EMA Expert
The "Sweep + Cement Candle Coloring with EMA Expert" indicator is a technical analysis tool that combines the "Sweep + Cement" candle pattern with Exponential Moving Averages (EMA) to identify buy and sell signals on a price chart. Below is a description of the strategy for using this indicator:
1. Sweep + Cement Candle Conditions
Bullish Sweep + Cement Candle: This is identified when the current candle’s low is lower than the previous candle’s low, and the current candle’s close is higher than the previous candle’s high.
Bearish Sweep + Cement Candle: This is identified when the current candle’s high is higher than the previous candle’s high, and the current candle’s close is lower than the previous candle’s low.
2. Candle Coloring Based on Conditions
Bullish Sweep + Cement Candle will be colored cyan (#0097a7).
Bearish Sweep + Cement Candle will be colored red.
3. Using EMA Lines
EMA1: Short-term EMA with a default length of 21 periods.
EMA2: Long-term EMA with a default length of 50 periods.
Both EMAs will be plotted on the chart if enabled, helping to determine the overall market trend.
4. Buy Conditions
A buy signal will be triggered when the following conditions are met:
A Bullish Sweep + Cement Candle is formed.
EMA1 is above EMA2, indicating an uptrend.
The closing price is above both EMAs, confirming the strength of the uptrend.
When these conditions are met, a green arrow will appear below the price bar, suggesting a buy position.
5. Sell Conditions
A sell signal will be triggered when the following conditions are met:
A Bearish Sweep + Cement Candle is formed.
EMA1 is below EMA2, indicating a downtrend.
The closing price is below both EMAs, confirming the strength of the downtrend.
When these conditions are met, a red arrow will appear above the price bar, suggesting a sell position.
6. Trading Alerts
This indicator also provides automatic alerts when buy or sell signals are generated:
Buy Alert: When a buy signal is detected, the alert will notify "Buy Signal: Sweep + Cement Bullish with EMA1 above EMA2 and Price above both EMAs."
Sell Alert: When a sell signal is detected, the alert will notify "Sell Signal: Sweep + Cement Bearish with EMA1 below EMA2 and Price below both EMAs."
Additionally, alerts can be set up when individual Sweep + Cement candles are detected, helping users identify potential trading opportunities as soon as they occur.
Benefits and Applications
Trend Identification: The combination of Sweep + Cement candles and EMAs helps to accurately identify trends and the best entry points.
Risk Mitigation: Buy and sell signals are determined by multiple factors, helping to reduce trading risks.
Automatic Alerts: Helps users avoid missing trading opportunities even when not actively monitoring the market.
1. Sweep + Cement Candle Conditions
Bullish Sweep + Cement Candle: This is identified when the current candle’s low is lower than the previous candle’s low, and the current candle’s close is higher than the previous candle’s high.
Bearish Sweep + Cement Candle: This is identified when the current candle’s high is higher than the previous candle’s high, and the current candle’s close is lower than the previous candle’s low.
2. Candle Coloring Based on Conditions
Bullish Sweep + Cement Candle will be colored cyan (#0097a7).
Bearish Sweep + Cement Candle will be colored red.
3. Using EMA Lines
EMA1: Short-term EMA with a default length of 21 periods.
EMA2: Long-term EMA with a default length of 50 periods.
Both EMAs will be plotted on the chart if enabled, helping to determine the overall market trend.
4. Buy Conditions
A buy signal will be triggered when the following conditions are met:
A Bullish Sweep + Cement Candle is formed.
EMA1 is above EMA2, indicating an uptrend.
The closing price is above both EMAs, confirming the strength of the uptrend.
When these conditions are met, a green arrow will appear below the price bar, suggesting a buy position.
5. Sell Conditions
A sell signal will be triggered when the following conditions are met:
A Bearish Sweep + Cement Candle is formed.
EMA1 is below EMA2, indicating a downtrend.
The closing price is below both EMAs, confirming the strength of the downtrend.
When these conditions are met, a red arrow will appear above the price bar, suggesting a sell position.
6. Trading Alerts
This indicator also provides automatic alerts when buy or sell signals are generated:
Buy Alert: When a buy signal is detected, the alert will notify "Buy Signal: Sweep + Cement Bullish with EMA1 above EMA2 and Price above both EMAs."
Sell Alert: When a sell signal is detected, the alert will notify "Sell Signal: Sweep + Cement Bearish with EMA1 below EMA2 and Price below both EMAs."
Additionally, alerts can be set up when individual Sweep + Cement candles are detected, helping users identify potential trading opportunities as soon as they occur.
Benefits and Applications
Trend Identification: The combination of Sweep + Cement candles and EMAs helps to accurately identify trends and the best entry points.
Risk Mitigation: Buy and sell signals are determined by multiple factors, helping to reduce trading risks.
Automatic Alerts: Helps users avoid missing trading opportunities even when not actively monitoring the market.
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.