EMA Touch with 9 EMA Filter

//version=5
indicator("EMA Touch with 9 EMA Filter", overlay=true)

ema9 = ta.ema(close, 9)
ema100 = ta.ema(close, 100)
ema150 = ta.ema(close, 150)

// Candle colors
isGreen = close > open
isRed = close < open

// Candle body or wick touching both EMA 100 and EMA 150
touchesBothEMAs = (low <= ema100 and high >= ema100) and (low <= ema150 and high >= ema150)

// Green arrow condition
greenArrowCond = isGreen and touchesBothEMAs and (ema9 > ema100 and ema9 > ema150)

// Red arrow condition
redArrowCond = isRed and touchesBothEMAs and (ema9 < ema100 and ema9 < ema150)

// Plotting arrows
plotshape(greenArrowCond, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.labelup, text="▲")
plotshape(redArrowCond, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.labeldown, text="▼")

// Optional: Plot EMAs
plot(ema9, title="EMA 9", color=color.orange)
plot(ema100, title="EMA 100", color=color.blue)
plot(ema150, title="EMA 150", color=color.purple)

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.

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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

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