OPEN-SOURCE SCRIPT
Updated Overlay Higher Timeframe EMA 10
Plot the daily and weekly EMA 10 on any timeframe.
The Daily EMA 10 is useful for helping a trader decide whether the price is overextended without switching back to the daily timeframe and losing focus. It will change colour to indicate which order the EMA 10 and EMA 20 is in.
The Weekly EMA 10 is useful for helping a trader decide whether to take a trade based on long term momentum. If it is over the current price then the market has more momentum to the downside and if it is under then the market has more momentum to the upside. It will also change colour depending on which order the EMA 10 and EMA 20 is in. The weekly is often forgotten in trade planning.
You can switch the Daily and the Weekly on and off independently and change styles if you wish.
The Daily EMA 10 is useful for helping a trader decide whether the price is overextended without switching back to the daily timeframe and losing focus. It will change colour to indicate which order the EMA 10 and EMA 20 is in.
The Weekly EMA 10 is useful for helping a trader decide whether to take a trade based on long term momentum. If it is over the current price then the market has more momentum to the downside and if it is under then the market has more momentum to the upside. It will also change colour depending on which order the EMA 10 and EMA 20 is in. The weekly is often forgotten in trade planning.
You can switch the Daily and the Weekly on and off independently and change styles if you wish.
Release Notes
More timeframes.The best way to use this indicator is to pick the next timeframe up from the timeframe you are trading on.
When the price pulls back for a trade - use the higher timeframe to determine whether it is in an optimal place to trade or whether it is likely to pull back further to meet the higher EMA.
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.