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)
I tried this script and it's good mostly. It would be amazing if you could ad a separate alert for the separate background colors. So for green, red and orange background alerts.
I tried this script and it's good mostly. It would be amazing if you could ad a separate alert for the separate background colors. So for green, red and orange background alerts.
Hope you can add this.