OPEN-SOURCE SCRIPT
Multi MA Clouds
Updated
EMA Clouds are used for identifying trends. It helps to see moving averages as in a range especially when you look at them in Micro time frames like 1/5/10/15/30 mins. So these Clouds could be used for Intraday trading for identifying trends and pullbacks.
For example, on a 10min chart, once you see a parabolic move, don't take trade until the bar touches 5/13 or 8/9 EMA clouds.
There are other EMA cloud scripts available but this one gives you option to choose MA Type and Source in addition to providing all well known MA range in one script. You can modify the MA length as you wish. So you can disable one you don't want to see on the chart.
Please look at my other scripts at tradingview.com/u/ssksubam/
For example, on a 10min chart, once you see a parabolic move, don't take trade until the bar touches 5/13 or 8/9 EMA clouds.
There are other EMA cloud scripts available but this one gives you option to choose MA Type and Source in addition to providing all well known MA range in one script. You can modify the MA length as you wish. So you can disable one you don't want to see on the chart.
Please look at my other scripts at tradingview.com/u/ssksubam/
Release Notes
Added a feature so that you can choose whether or not show each MA Cloud. For instance, if you don't want EMA5 cloud (180-200), you can uncheck it in the settings to hide it. Release Notes
Adding more detailed explanation on pullback and also how you could use DTR vs ATR label along with MA clouds. Release Notes
Updating to v5 and also modified the script to use real OHLC if chart is set to Heikin Ashi candles.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.
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Disclaimer
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