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EMA Trend Meter
This is a useful trend analysis tool that I've seen others sell for high monthly subscription fees. I'm giving my version away for free.
The script consists of 3 EMAs, all weighted against the same baseline moving average to give you an overview of the trend. My meter shows the status of each EMA; either up (green) or down (red). When you see two of the same colour vertically aligned then the trade will most likely go in that direction. When all three are the same colour then it's a certainty.
The top row represents the stochastic RSI direction to further validate the EMA signals. Grey is up, black is down.
Default values for the EMAs are 7, 14 and 21 but please tweak to fit your chart.
Alerts are built in for longs and shorts when either 2 or 3 EMAs are the same colour and the stochastic indicator agrees. They'll fire only in the first instance (long/short) so you won't receive repeat alerts on each candle.
NOTE: This is a metered indicator and you get only the bottom portion of what's shown here. The signals overlaid on the chart are merely to demonstrate when the meter alerts would fire.
The script consists of 3 EMAs, all weighted against the same baseline moving average to give you an overview of the trend. My meter shows the status of each EMA; either up (green) or down (red). When you see two of the same colour vertically aligned then the trade will most likely go in that direction. When all three are the same colour then it's a certainty.
The top row represents the stochastic RSI direction to further validate the EMA signals. Grey is up, black is down.
Default values for the EMAs are 7, 14 and 21 but please tweak to fit your chart.
Alerts are built in for longs and shorts when either 2 or 3 EMAs are the same colour and the stochastic indicator agrees. They'll fire only in the first instance (long/short) so you won't receive repeat alerts on each candle.
NOTE: This is a metered indicator and you get only the bottom portion of what's shown here. The signals overlaid on the chart are merely to demonstrate when the meter alerts would fire.
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