OPEN-SOURCE SCRIPT
144 EMA Dynamic Support/Resistance Zones
How to Use:
Adding the Indicator:
Open TradingView and navigate to your chart.
Click on the "Pine Editor" tab at the bottom.
Paste the above code into the editor.
Click "Add to Chart" to apply the indicator.
Configuring Settings:
EMA Length: Set the period for the main EMA (default is 144).
Zone Type: Choose between "Percentage" or "ATR Multiplier" to define the width of the support/resistance zones.
Zone Value: Specify the percentage or ATR multiplier for the zones.
Use Trend Confirmation: Enable or disable the secondary trend confirmation using a shorter EMA.
Trend EMA Length: Set the period for the trend confirmation EMA (default is 21).
Interpreting Signals:
Buy Signal: A "Buy" label appears when the price crosses above the upper zone, indicating potential upward momentum.
Sell Signal: A "Sell" label appears when the price crosses below the lower zone, indicating potential downward momentum.
Note: This indicator is designed to assist in identifying dynamic support and resistance levels and potential entry points. It's recommended to use it in conjunction with other analysis tools and risk management practices.
Feel free to customize the parameters to suit your trading style and preferences. If you have any specific features or modifications in mind, please let me know, and I can adjust the code accordingly.
Adding the Indicator:
Open TradingView and navigate to your chart.
Click on the "Pine Editor" tab at the bottom.
Paste the above code into the editor.
Click "Add to Chart" to apply the indicator.
Configuring Settings:
EMA Length: Set the period for the main EMA (default is 144).
Zone Type: Choose between "Percentage" or "ATR Multiplier" to define the width of the support/resistance zones.
Zone Value: Specify the percentage or ATR multiplier for the zones.
Use Trend Confirmation: Enable or disable the secondary trend confirmation using a shorter EMA.
Trend EMA Length: Set the period for the trend confirmation EMA (default is 21).
Interpreting Signals:
Buy Signal: A "Buy" label appears when the price crosses above the upper zone, indicating potential upward momentum.
Sell Signal: A "Sell" label appears when the price crosses below the lower zone, indicating potential downward momentum.
Note: This indicator is designed to assist in identifying dynamic support and resistance levels and potential entry points. It's recommended to use it in conjunction with other analysis tools and risk management practices.
Feel free to customize the parameters to suit your trading style and preferences. If you have any specific features or modifications in mind, please let me know, and I can adjust the code accordingly.
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Skrypt open-source
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 publications is governed by House rules. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.
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