This is a 3 EMA visualization tool. Relative momentum across 3 timeframes are rendered as A/B/C waves. Also, helpful in identifying spike/exhaustion bars.
When all the waves are in the same direction, the momentum is very high on that direction. I have made all options configurable, have fun tuning for your instrument :)
Complete list of all my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
When all the waves are in the same direction, the momentum is very high on that direction. I have made all options configurable, have fun tuning for your instrument :)
Complete list of all my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("EMA Wave Indicator [LazyBear]", shorttitle="EWI_LB") alength=input(5, title="Wave A Length"), blength=input(25, title="Wave B Length"), clength=input(50, title="Wave C Length") lengthMA=input(4, title="Wave SMA Length") mse=input(false, title="Identify Spikes/Exhaustions") cutoff = input(10, title="Cutoff") ebc=input(false, title="Color Bars on Spikes/Exhaustions") src=hlc3 ma(s,l) => ema(s,l) wa=sma(src-ma(src, alength),lengthMA) wb=sma(src-ma(src, blength),lengthMA) wc=sma(src-ma(src, clength),lengthMA) wcf=(wb != 0) ? (wc/wb > cutoff) : false wbf=(wa != 0) ? (wb/wa > cutoff) : false plot(0, color=gray, title="ZeroLine") plot(wc, color=maroon, style=histogram, linewidth=3, title="WaveC") plot(mse and wcf?wc:na, color=fuchsia, style=histogram, linewidth=3, title="WaveC Spike") plot(wb, color=blue, style=histogram, linewidth=3, title="WaveB") plot(mse and wbf?wb:na, color=fuchsia, style=histogram, linewidth=3, title="WaveB Spike") plot(wa, color=red, style=histogram, linewidth=3, title="WaveA") barcolor(ebc?(wcf and wbf) ? #81F7F3 : (wcf or wbf) ? fuchsia : na : na)