OPEN-SOURCE SCRIPT
Gradiente
This indicator works in following concep. In a trend the area between two EMA increases as the trend go forward. When the trend loose strenth the fast EMA is the first to slow down and the area betwenn the EMA stop to increase indicating a lost of momentum.
The gradient is the division of the area formed between the EMA by the number of bars it contains.
In a up-trend is above 0.
In a down-trend is below 0.
The color green in the up trend shows the strenth is on, the white color shows the momentum is weaking.
The color red in the down trend shows the strenth is on, the white color shows the momentum is weaking.
Is necessary to plot the same EMA periods on the chart price to compare the strenth.
The gradient is the division of the area formed between the EMA by the number of bars it contains.
In a up-trend is above 0.
In a down-trend is below 0.
The color green in the up trend shows the strenth is on, the white color shows the momentum is weaking.
The color red in the down trend shows the strenth is on, the white color shows the momentum is weaking.
Is necessary to plot the same EMA periods on the chart price to compare the strenth.
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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