This indicator is includes moving average ribbons, signal line, unique price action and . I will explain a bit about everything.
Moving average ribbons:
We take 2 inputs from user. One is the length of minimum moving average line and other is length of maximum moving average line. We plot total 8 in between these 2 lengths, with equal distribution. User can control the min and max length but he cannot change its color or shade.
Here different combination of multiple ema’s are used. And its outcome is this signal line. This signal line color tells you the strength of the trend. Darker the color, higher the trend. When the trend changes, color also changes slowly from green to red or vice versa. This signal line is used to identify the trend and its momentum. We take “EMA length” as a input from user. This input is used to calculate signal lines.
A Unique price action method is used here , to identify the price momentum. If it indicates the price momentum to be upside then whole candle color will become blue, if it indicates down then candle color becomes red and if it indicates sideways then color becomes black. We don’t take anything as input here. This price action works in any timeframe.
Support and resistance:
We take “Number of candles on left” and “number of candles on right” as input. We take highs and lows of n candle to left and n candle to right. And plot dotter lines. All highs are blue colored dotted line and lows are red colored dotted line. When high or low is broken, a new dotted line starts forming. This helps you to find higher highs and lower lows. And these lines work as .
Apart from this you can find green and red colored arrows:
-Whenever signal line crosses above Slow , a dark green color arrow below candle is formed
--Whenever signal line crosses below Slow , a dark red color arrow above candle is formed
--When of (least length MA) crosses above of (max length MA) , a light green color arrow below candle is formed
--When of (least length MA) crosses below of (max length MA) , a light red color above below candle is formed
We take 2 inputs from user. One is the length of minimum moving average line and other is length of maximum moving average line. We plot total 8 ema in between these 2 lengths, with equal distribution. User can control the min and max length but he cannot change its color or shad
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 a publication is governed by House Rules. You can favorite it to use it on a chart.