DatCryptoBoi

Fibonacci EMAs / Trend and Chopzone identifier

Implementation from the highly recommended course "Pinescript Indicator Development" on Udemy
https://www.udemy.com/course/pinescript-...

This indicator is mostly to show some techniques in Pinescript rather than be useful for trading, however it does nicely identify trend and chop zones (sideways) on the 1-hour or 4-hour chart.

What it does:

- Has three EMAs at varying length and plots these on the chart
- Computes when the EMAs are in bullish configuration ( EMA short > Medium > long)
- Computes when EMAs are in bearish configuration ( EMA short < Medium < long)
- When the EMAs are crossed there is a chop zone (sideways)
- Colours the background of the chart as Green ( bullish ), Red ( bearish ) or Orange (sideways chop zone)
- Also predicts the value of the three EMA's three points into the future using linear regression (showed as dots on the chart)


Release Notes: Couple more comments
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.

Want to use this script on a chart?

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