OPEN-SOURCE SCRIPT
Updated [KK]Price Retest from EMA
Script show fractals on chart when price retest after breaking Exponential Moving Average.
Release Notes
Previous version is based on fractals which are somewhat lagging because it take 4 candle to form. Current version just uses source data to define RetestDefault Setting:
(1)Uses Simple Moving Average(SMA) => You can calculate based on Exponential Moving Average(EMA) by Enabling it
(2)Moving average period = 20 period
(3)Shows only correct retest candle => You can enable All retests and EMA/SMA Breakout candle
Note: consider MA = EMA/SMA
Condition for Correct Retest:
(1)Previously MA Breakout
(2)No MA breakout between retest and considered MA breakout
(3) if MA breakout happens it will reset
Interpretation:
Current setting only show correct retest candle.
(1)Green Background = Correct Up Retest from MA
(2)Red Background = Correct Down Retest from MA
You can enable MA Break candle Background.
(1)Blue Background = MA UpBreak candle
(2)Orange Background = MA DownBreak candle
Release Notes
Cleaner code with condition added to remove overlapping EMA and retest signal.
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.
Want to use this script on a chart?
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.