OPEN-SOURCE SCRIPT
LoTek - Bull Market Support Band w Projections
Updated
This indicator will allow you to enter a future price change, either positive or negative, and see how that would affect the Bull Market Support Band.
The BMSB consists of the 21 EMA and the 20 SMA on the weekly timeframe. Legend has it, as long as you are above this band, BULL MARKET'S ON BABY! If not... then, watch out below....
Note: Price change is in percentage. 100 = 100%, 5 = 5% 0.25 = 0.25%
The BMSB consists of the 21 EMA and the 20 SMA on the weekly timeframe. Legend has it, as long as you are above this band, BULL MARKET'S ON BABY! If not... then, watch out below....
Note: Price change is in percentage. 100 = 100%, 5 = 5% 0.25 = 0.25%
Release Notes
Added the ability to change the color of the band fill based on Bull or Bear trend. I've left them defaulted to orange, because that's how I like it for now, but the settings are in there to modify it.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.
Disclaimer
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