OPEN-SOURCE SCRIPT
Bull Market Support Band
The Bull Market support band is a theoretical band of support typically associated between the 20W SMA and the 21W EMA.
This specific script that I wrote, allows users to adjust the time frames and degrees of the moving averages so that the band appears smooth when zooming in on lower time frames.
I also added the 50W EMA because this adds an additional level of analysis for users to judge whether the correction is healthy or dangerous.
21W = 147 D = 3528 Hours
20W = 140 D = 3360 Hours
50W = 350 D
Use your best judgement when making trades and analyzing the strength of a chart. Do your own backtesting to see how your chart interacts with these indicators over time to create your own plan.
Happy trading.
This specific script that I wrote, allows users to adjust the time frames and degrees of the moving averages so that the band appears smooth when zooming in on lower time frames.
I also added the 50W EMA because this adds an additional level of analysis for users to judge whether the correction is healthy or dangerous.
21W = 147 D = 3528 Hours
20W = 140 D = 3360 Hours
50W = 350 D
Use your best judgement when making trades and analyzing the strength of a chart. Do your own backtesting to see how your chart interacts with these indicators over time to create your own plan.
Happy trading.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.