EMAEnvelope indicator does just that, draws a nice user-defined period EMA envelope (overlay).
It also can highlight the Bull/Bear breaks using different colors
- Green : High > EMA_HIGH
- Lime : (High > EMA_HIGH) and (Low > EMA_HIGH)
- Orange : Low < EMA_LOW
- Red : (Low < EMA_LOW) and (High < EMA_LOW)
Background highlighting is user-configurable.
Now to the (crazy) prediction: Based on a 100-period EMAEnvelope, we may have to go down to ~427.3 before starting turning Green. Look at the 2 Orange/Red areas highlighted.
EMA 200 tells us a different story, BTW.
It also can highlight the Bull/Bear breaks using different colors
- Green : High > EMA_HIGH
- Lime : (High > EMA_HIGH) and (Low > EMA_HIGH)
- Orange : Low < EMA_LOW
- Red : (Low < EMA_LOW) and (High < EMA_LOW)
Background highlighting is user-configurable.
Now to the (crazy) prediction: Based on a 100-period EMAEnvelope, we may have to go down to ~427.3 before starting turning Green. Look at the 2 Orange/Red areas highlighted.
EMA 200 tells us a different story, BTW.
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 // v01 - initial release // study(title = "EMAEnvelope [LazyBear]", shorttitle="EMAEnvelope[LB]", overlay=true) src = close length=input(20) HighlightColors = input(true, title="Bull/Bear highlights?", type=bool) e=ema(close, length) eu = ema(high, length) el = ema(low, length) plot(e, style=cross, color=aqua) plot(eu, color=red, linewidth=2) plot(el, color=lime, linewidth=2) bull_color_normal = green bull_color_strong = lime bear_color_normal = orange bear_color_strong = red sidewise_color = blue bull_f = (high > eu and low > el) bear_f = (high < eu and low < el) sidewise_f = (not bull_f) and (not bear_f) b_color = bull_f ? bull_color_normal : (bear_f ? bear_color_normal : (sidewise_f ? sidewise_color : na)) d_color = (bull_f ? (low > eu ? bull_color_strong : b_color) : bear_f ? ( high < el ? bear_color_strong : b_color) : b_color) bgcolor(HighlightColors ? d_color : na)