Fibonacci EMAs / Trend and Chopzone identifier

10 thg 2, 2021

Implementation from the highly recommended course "Pinescript Indicator Development" on Udemy
udemy.com/course/pinescript-indicator-development/

This indicator is mostly to show some techniques in Pinescript rather than be useful for trading, however it does nicely identify trend and chop zones (sideways) on the 1-hour or 4-hour chart.

What it does:

- Has three EMAs at varying length and plots these on the chart
- Computes when the EMAs are in bullish configuration (EMA short > Medium > long)
- Computes when EMAs are in bearish configuration (EMA short < Medium < long)
- When the EMAs are crossed there is a chop zone (sideways)
- Colours the background of the chart as Green (bullish), Red (bearish) or Orange (sideways chop zone)
- Also predicts the value of the three EMA's three points into the future using linear regression (showed as dots on the chart)

10 thg 2, 2021

Phát hành các Ghi chú

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