This indicator helps swing trader to quickly see if a stock or an index is in a short term up- or downtrend. The 5 Day Moving Average line is shown on all intraday timeframes like 5, 10, 15, 30, 60, 65 and so on. When an index like SPY or QQQ shows a green 5 DMA line, the index is in a short term uptrend and you can buy stocks for a swing trade, when the line turns red be careful and stop buying stocks, instead watch out to short stocks. In addition to the 5 DMA line you can show the percent distance to the 5 DMA and have multiple options to customize the indicator.
Features ■ Use SMA or EMA for the 5 DMA ■ Use different intraday timeframes or show on daily ■ Show the distance in percent ■ Different color modes ■ Multiple customize options
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Add option to show a background color when the 5 DMA is uptrending or downtrending.
I assuming this is based off of Alphatrends. Man you nailed it awesome tool. I almost want to just drop all other indicators and just use this and AVWAP. Thanks