Custom EMA Angle

Apr 8, 2020

This script shows the angle of 6 EMAs to perform trade analysis. The EMA angle is also known as its Rate Of Change ( ROC ). The 6 EMAs (I, II, III , IV, V and VI ) default lengthes come from one of the Fibonacci Phi^3 and Phi^3/2 sub series (17, 34, 72, 144, 305 and 610), but can be changed to any values, particularly to the traditionally used 20, 40, 50, 100, 200 and 300. Up to my knowledge, Fibonacci Phi^3 and Phi^3/2 sub series lengthes were first proposed by Bo Williams.

Angle calculation is performed by calculating the tangent over a delta interval. Normalization is required to make the angle independent of the price range.

This script is meant to be used together with the corresponding EMAs on the candle pane. Non normalized view shows a more realistic angle condition but, if intended to be used with the CEMAS indicator, normalized view should be used.

Apr 30, 2020

Release Notes

This update is just to fix the EMA calculation in the absence of enough candles. Instead of using TV standard zero price, I use the source (close) price. Furthermore, default value for Normalized parameter has been changed to true, because it shows useless results with expensive assets due to the extremely high value for the slope tangent.

May 2, 2020

Release Notes

This update just adjusts the precision of the indicator value to 2 decimals.

May 7, 2020

Release Notes

This update adds Phi^3 and Phi^3/2 series optional filter selection to MAs and built in ROC function usage selection toggle.

May 30, 2020

Release Notes

This update adds a new and more meaningful angle calculation method.

Jun 10, 2020

Release Notes

This updates add the option to calculate the ROC of the ROC, that is the 2nd derivative of the price. It is useful to detect the side of the concavity of the underlying MA.

Apr 27, 2021

Release Notes

This update adds a output smooth option. It also changes the coloring scheme to show candles green when ROC I > ROC II > ROC III, red when ROC I < ROC II < ROC III and black (dead zone) otherwise.

Apr 27, 2021

Release Notes

This update just added more coloring variations: It shows candles green when ROC I > ROC II > ROC III, blue when ROC I > ROC III and ROC II < ROC III, purple when ROC I < ROC III and ROC II > ROC III, red when ROC I < ROC II < ROC III and black (dead zone) otherwise. Color meanings are green: strongly upward, blue: weakly upward, purple: weakly downward, red: strongly downward, black undefinition.