OPEN-SOURCE SCRIPT
Protrading Exponential Trend
Protrading Exponential Trend — Pine Script Indicator
Overview:
The Protrading Exponential Trend is a dynamic trend-following indicator designed to help traders identify market direction and potential entry zones using Exponential Moving Averages (EMAs). By analyzing price action in relation to adaptive EMA channels, this tool highlights trend strength and possible reversal signals, making it ideal for both scalping and swing trading strategies.
Core Features:
🔄 EMA Channel Visualization:
The indicator plots a channel based on high, low, and close EMAs, which expands and contracts with volatility to reflect trend dynamics.
🟢🟡 Signal Arrows:
Buy and sell arrows appear when price action confirms momentum breakout beyond the EMA envelope with strong candlestick bodies.
🧠 Smart Trade Levels:
Automatically generates Entry, Stop Loss (SL), and up to three Take Profit (TP1, TP2, TP3) levels based on customizable risk-reward ratios.
📊 Trend Zone Background:
Displays shaded trend zones (EMA cloud) in real time to visually guide traders through trending and ranging phases.
⚙️ Customizable Parameters:
Adjustable EMA length, TP/SL ratios, and other risk controls to suit individual strategies and market conditions.
Overview:
The Protrading Exponential Trend is a dynamic trend-following indicator designed to help traders identify market direction and potential entry zones using Exponential Moving Averages (EMAs). By analyzing price action in relation to adaptive EMA channels, this tool highlights trend strength and possible reversal signals, making it ideal for both scalping and swing trading strategies.
Core Features:
🔄 EMA Channel Visualization:
The indicator plots a channel based on high, low, and close EMAs, which expands and contracts with volatility to reflect trend dynamics.
🟢🟡 Signal Arrows:
Buy and sell arrows appear when price action confirms momentum breakout beyond the EMA envelope with strong candlestick bodies.
🧠 Smart Trade Levels:
Automatically generates Entry, Stop Loss (SL), and up to three Take Profit (TP1, TP2, TP3) levels based on customizable risk-reward ratios.
📊 Trend Zone Background:
Displays shaded trend zones (EMA cloud) in real time to visually guide traders through trending and ranging phases.
⚙️ Customizable Parameters:
Adjustable EMA length, TP/SL ratios, and other risk controls to suit individual strategies and market conditions.
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.