OPEN-SOURCE SCRIPT
EMA deviation & Range with barcolor change
This indicator includes an EMA, a range and outer lines similar to the Bollinger Bands, but with a different calculation (which also becomes apparent once you compare the two). This indicator fits very well with the EMA pullback strategy.
The color of the candles changes depending on where it is located.
Above the EMA - green
Below it - red
Inside the range - black
All colors as well as lines are customizable under the Style tab.
The "Deviation" can be set to 0, here there are only slight deviations.
The EMA range can be adjusted in 0.1 steps to achieve the highest possible accuracy of the pullbacks.
If you have any questions, please don't hesitate to contact me.
The color of the candles changes depending on where it is located.
Above the EMA - green
Below it - red
Inside the range - black
All colors as well as lines are customizable under the Style tab.
The "Deviation" can be set to 0, here there are only slight deviations.
The EMA range can be adjusted in 0.1 steps to achieve the highest possible accuracy of the pullbacks.
If you have any questions, please don't hesitate to contact me.
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.
My Youtubechannel:
youtube.com/channel/UCi9tkR4i8l5oIyF6ty
youtube.com/channel/UCi9tkR4i8l5oIyF6ty
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.
My Youtubechannel:
youtube.com/channel/UCi9tkR4i8l5oIyF6ty
youtube.com/channel/UCi9tkR4i8l5oIyF6ty
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.