OPEN-SOURCE SCRIPT
Updated 4-Way EMA Trend
4 separate EMAs that are used to determine trend, colored appropriately to reflect the trend to make it easy to tell what the trend is. All 4 EMAs are not needed, you can turn each one on and off individually and the indicator will adjust itself accordingly. Having a single EMA will use the closing price to determine the trend. There are 2 different types of trend detection; EMA Flip and EMA Confluence. EMA Flip is dependent on all active EMAs rising or falling in the correct hierarchical order. The EMA Confluence option is if all EMAs are moving in the same direction. I've found that this second option, EMA Confluence, is more accurate in getting in early before strong movements because the EMAs will more often move in the same direction before they "flip".
Release Notes
Added monitor to top-right of the chartRelease Notes
Added input to toggle top-right monitorOpen-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.