Candlesticks Not Touching EMA 3 & EMA 5 Scanner

Candlesticks Not Touching EMA 3 & EMA 5 Scanner
Short Title: EMA Scanner

Overview
This indicator scans for candlesticks that do not touch the EMA 3 and EMA 5, highlighting potential trading opportunities where price action is significantly distanced from these moving averages. It identifies momentum-based entries and helps traders spot strong trends.

How It Works
It checks if the candle's high and low are completely above or below both EMAs (3 & 5).
It ensures that the distance between the candle and EMA 5 is at least a user-defined multiple of the candle range.
When a valid candle is detected, a triangle marker appears below (for long trades) or above (for short trades).
Trade Execution Strategy
Entry:
Long Entry → Break of the candle’s high
Short Entry → Break of the candle’s low
Stop Loss:
Long SL → Low of the same candle
Short SL → High of the same candle
Target: EMA 5
Additional Features
✅ Plots EMA 3 (Blue) and EMA 5 (Red) for reference
✅ Marks potential long and short trades with arrows
✅ Detects & plots when Target or Stop Loss is hit
✅ Alerts for valid signals, target hits, and stop loss hits

Best Use Cases
🔹 Suitable for intraday & swing traders looking for momentum-based trades
🔹 Works well in trending markets
🔹 Helps identify mean-reversion & breakout opportunities

🚀 Use this indicator to refine your trading setups & boost your market edge! 🚀