OPEN-SOURCE SCRIPT
Updated Multi-Timeframe Dual MA Downside Detector
This indicator is designed to highlight potential downside moves using two customizable moving averages (MA1 and MA2) across multiple timeframes. It works on any chart and provides a visual cue when the price is trading below both selected moving averages on a red/down candle.
Key Features:
Dual Moving Averages: Supports EMA, SMA, VWMA, and HMA for both MA1 and MA2.
Multi-Timeframe Support: Each moving average can be calculated on a different timeframe, allowing higher timeframe trend context on lower timeframe charts.
Downside Detection: Highlights candles where the close is below both moving averages and forms a down candle (close < open).
Visual Signals:
Plots MA1 (orange) and MA2 (blue) on the chart.
Colors the downside candles blue when the price is below both MAs.
Customizable: Easily adjust the MA type, length, and timeframe to suit your trading style.
Usage:
Helps identify strong bearish conditions or potential pullbacks.
Can be combined with other technical analysis tools for trend confirmation.
Works across any market, instrument, or timeframe
Key Features:
Dual Moving Averages: Supports EMA, SMA, VWMA, and HMA for both MA1 and MA2.
Multi-Timeframe Support: Each moving average can be calculated on a different timeframe, allowing higher timeframe trend context on lower timeframe charts.
Downside Detection: Highlights candles where the close is below both moving averages and forms a down candle (close < open).
Visual Signals:
Plots MA1 (orange) and MA2 (blue) on the chart.
Colors the downside candles blue when the price is below both MAs.
Customizable: Easily adjust the MA type, length, and timeframe to suit your trading style.
Usage:
Helps identify strong bearish conditions or potential pullbacks.
Can be combined with other technical analysis tools for trend confirmation.
Works across any market, instrument, or timeframe
Release Notes
Update correct sideRelease Notes
Update arrow for cross over, when using this make the body color transparentRelease Notes
Update the bars signal directionOpen-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.