OPEN-SOURCE SCRIPT
EMA with Vol
Input Parameters:
len9: Length for the shorter EMA (default is 9).
len20: Length for the longer EMA (default is 20).
src: Data source for the EMAs, set to the closing price.
volumeThreshold: Volume multiplier threshold to check if the current volume is greater by a specific percentage compared to the previous candle.
Calculating EMAs:
ema9: The 9-period EMA.
ema20: The 20-period EMA.
Plotting EMAs:
The script plots ema9 in blue and ema20 in black.
Identifying Crossovers and Crossunders:
bullishCross: A crossover event where ema9 crosses above ema20.
bearishCross: A crossunder event where ema9 crosses below ema20.
Volume Condition:
Checks if the current volume is greater than the specified multiplier times the previous volume.
Generating Buy and Sell Signals:
strongBuySignal: A strong buy signal occurs when there's a bullish crossover, and the volume condition is met.
strongSellSignal: A strong sell signal occurs when there's a bearish crossunder, and the volume condition is met.
Plotting Buy and Sell Arrows:
Upward green arrows indicate strong buy signals.
Downward red arrows indicate strong sell signals.
Potential Improvements or Additions:
Customization: You could allow users to adjust the colors or other settings for flexibility.
Alerts: Adding alerts to notify traders when strong buy or sell signals occur.
Filtering Noise: Consider adding additional filters (like using higher time frames or ATR filters) to reduce false signals.
len9: Length for the shorter EMA (default is 9).
len20: Length for the longer EMA (default is 20).
src: Data source for the EMAs, set to the closing price.
volumeThreshold: Volume multiplier threshold to check if the current volume is greater by a specific percentage compared to the previous candle.
Calculating EMAs:
ema9: The 9-period EMA.
ema20: The 20-period EMA.
Plotting EMAs:
The script plots ema9 in blue and ema20 in black.
Identifying Crossovers and Crossunders:
bullishCross: A crossover event where ema9 crosses above ema20.
bearishCross: A crossunder event where ema9 crosses below ema20.
Volume Condition:
Checks if the current volume is greater than the specified multiplier times the previous volume.
Generating Buy and Sell Signals:
strongBuySignal: A strong buy signal occurs when there's a bullish crossover, and the volume condition is met.
strongSellSignal: A strong sell signal occurs when there's a bearish crossunder, and the volume condition is met.
Plotting Buy and Sell Arrows:
Upward green arrows indicate strong buy signals.
Downward red arrows indicate strong sell signals.
Potential Improvements or Additions:
Customization: You could allow users to adjust the colors or other settings for flexibility.
Alerts: Adding alerts to notify traders when strong buy or sell signals occur.
Filtering Noise: Consider adding additional filters (like using higher time frames or ATR filters) to reduce false signals.
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
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.