OPEN-SOURCE SCRIPT
Montly 48/36/24/12 SMA and 48/30/20/10/5 EMA on 1D bars.
This indicator is based on a combination of the popular SMA and EMA indicator.
The indicator is intended for use on a chart with 1 day candles and at stock exchange with a maximum history of prices.
The intervals of values are selected so that the chart with candles for 1 day contains information about the 48-month EMA and SMA, which is currently the highest available on the history. Price values between 48 MA's are highlighted in red. This is of great importance and the area between MA and MA is a strong support which may indicate market bottoms.
The borders of the decorated zones can be used as pivot points. Price trend may change when approaching the border of the zone. If the price has passed the zone, then the movement may continue.
The indicator is intended for use on a chart with 1 day candles and at stock exchange with a maximum history of prices.
The intervals of values are selected so that the chart with candles for 1 day contains information about the 48-month EMA and SMA, which is currently the highest available on the history. Price values between 48 MA's are highlighted in red. This is of great importance and the area between MA and MA is a strong support which may indicate market bottoms.
The borders of the decorated zones can be used as pivot points. Price trend may change when approaching the border of the zone. If the price has passed the zone, then the movement may continue.
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.
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.