OPEN-SOURCE SCRIPT
5X EMA Trend Follower
Updated
////////////////////////////////////////////////////////////
// Copyright by Randalll.com v1.0 09/03/2016
// This indicator provides 5 Exponential Moving Averages.
// Works well on 1D,4H,1H TF
// To be used with traditional trend following strategies.
// Example
// If 50/100/200 trending in same direction. Then buy/sell
// with trend direction. Use PA, pinbar, news catalyst
// or pullback to 50E for Entry signal.
// Use 2x ATR for SL, set no TP. Ride the trend to the end.
// Exit when 10 crosses 20, or 20 crosses 50
// in volitile markets.
// As always use at your own risk and stay awesome.
// by randalll.com
////////////////////////////////////////////////////////////
study(title="5X EMA Trend Follower", overlay=true)
short1 = ema(close, 10)
short2 = ema(close, 20)
long1 = ema(close, 50)
long2 = ema(close, 100)
long3 = ema(close, 200)
plot(short1, color = green)
plot(short2, color = red)
plot(long1, color = blue)
plot(long2, color = purple)
plot(long3, color = black)
// Copyright by Randalll.com v1.0 09/03/2016
// This indicator provides 5 Exponential Moving Averages.
// Works well on 1D,4H,1H TF
// To be used with traditional trend following strategies.
// Example
// If 50/100/200 trending in same direction. Then buy/sell
// with trend direction. Use PA, pinbar, news catalyst
// or pullback to 50E for Entry signal.
// Use 2x ATR for SL, set no TP. Ride the trend to the end.
// Exit when 10 crosses 20, or 20 crosses 50
// in volitile markets.
// As always use at your own risk and stay awesome.
// by randalll.com
////////////////////////////////////////////////////////////
study(title="5X EMA Trend Follower", overlay=true)
short1 = ema(close, 10)
short2 = ema(close, 20)
long1 = ema(close, 50)
long2 = ema(close, 100)
long3 = ema(close, 200)
plot(short1, color = green)
plot(short2, color = red)
plot(long1, color = blue)
plot(long2, color = purple)
plot(long3, color = black)
Release Notes
Works well with RSI 26, as shown and my value channel system, I use the 5XEMA on 1H for support and resistance ideas in confluence with Fib or Percentage pullback zones.
I use Weekly, Daily and 1H Charts for overall big picture ideas and then price action for entry and exits.
I trade the first 35-45 minutes of the TSX/TSXV open, I do not wait for the candle to print, but watch live price action due to 15 minute delay of my charts.
I use my charts only for historical data and for watching zones.
use at your own risk!
Release Notes
Change LogI have modified the EMA back to the more traditional levels, 10,20,50,75,200
EMA is calculated on Close, no longer ohlc4 (period average)
Added titles for clarity.
Release Notes
Corrected typo in the code to resolve EMA 200 Not showing correctly. Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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