OPEN-SOURCE SCRIPT
SMA 200 Ribbon MTF - Support and Resistance
The SMA 200 is one of the most important and strongest support/resistance lines on any timeframe. This script pulls the SMA 200 line from multiple timeframes so traders can visually see price action bounce between support and resistance . The current timeframes SMA 200 is displayed in white and turns yellow to signify "pressure". Can be used on higher timeframes to find bull action. This indicator can also be used to filter out pumps and dumps as shown in example 3 and 4.
Example of indicator on 5 min timeframe. Candles bounce along SMA200 lines.
Example of indicator on daily timeframe . Lines turn green and price action pumps. Lines turn red and price action dumps.
Example 3: A clean crossover of lines usually signals a bullish pump.
Example 4: Tangled or messy lines tend to result in a dump as price action struggles to cross resistance. A pullback is required to "clean" the lines.
EMA Band can be turned on using "tickbox" in settings menu.
Example of indicator on 5 min timeframe. Candles bounce along SMA200 lines.
Example of indicator on daily timeframe . Lines turn green and price action pumps. Lines turn red and price action dumps.
Example 3: A clean crossover of lines usually signals a bullish pump.
Example 4: Tangled or messy lines tend to result in a dump as price action struggles to cross resistance. A pullback is required to "clean" the lines.
EMA Band can be turned on using "tickbox" in settings menu.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.