OPEN-SOURCE SCRIPT
Moving Average Trend Meter [UkutaLabs]
█ OVERVIEW
The Moving Average Trend Meter is a powerful trading indicator that visualizes current market strength. This indicator uses a series of four EMAs (Exponential Moving Averages) to determine short, medium and long term market strength. Each of the three rows of boxes corresponds to an EMA, with the top being the fast, the middle being the medium and the bottom being the slow. Depending on whether each EMA is above or below the source EMA, its corresponding row will be colored accordingly, with the boxes appearing green if the source is above it or red if it is below.
This indicator also displays when the strength of the market is transitioning between bullish and bearish, indicating that there may be an upcoming reversal.
The purpose of this script is to simplify the trading experience of users by providing an easier way to visualize current market strength using a series of EMAs.
█ USAGE
This indicator provides an easy to understand method of visualizing the current market strength based on the positioning of four EMAs. By default, the period for these EMAs are selected based on key Fibonacci levels, and the period of each one can be customized in the indicator settings.
Depending on whether or not the source EMA is above or below each of the other three EMAs, the boxes of the corresponding rows will be colored to indicate the current strength of the market.
If all three boxes are drawn the same color, a dot of the same color will be drawn above the boxes.
█ SETTINGS
Configuration
• Source EMA: Determines the period of the source EMA.
• Fast EMA: Determines the period of the fast EMA.
• Med EMA: Determines the period of the medium EMA.
• Slow EMA: Determines the period of the slow EMA.
Colors
• Bullish Color: Determines the color of boxes when the source EMA is above the respective EMA.
• Bearish Color: Determines the color of boxes when the source EMA is below the respective EMA.
• Bullish Transition Color: Determines the color of boxes when the current bar closes above the respective EMA while the source is below it.
• Bearish Transition Color: Determines the color of boxes when the current bar closes below the respective EMA while the source is above it.
The Moving Average Trend Meter is a powerful trading indicator that visualizes current market strength. This indicator uses a series of four EMAs (Exponential Moving Averages) to determine short, medium and long term market strength. Each of the three rows of boxes corresponds to an EMA, with the top being the fast, the middle being the medium and the bottom being the slow. Depending on whether each EMA is above or below the source EMA, its corresponding row will be colored accordingly, with the boxes appearing green if the source is above it or red if it is below.
This indicator also displays when the strength of the market is transitioning between bullish and bearish, indicating that there may be an upcoming reversal.
The purpose of this script is to simplify the trading experience of users by providing an easier way to visualize current market strength using a series of EMAs.
█ USAGE
This indicator provides an easy to understand method of visualizing the current market strength based on the positioning of four EMAs. By default, the period for these EMAs are selected based on key Fibonacci levels, and the period of each one can be customized in the indicator settings.
Depending on whether or not the source EMA is above or below each of the other three EMAs, the boxes of the corresponding rows will be colored to indicate the current strength of the market.
If all three boxes are drawn the same color, a dot of the same color will be drawn above the boxes.
█ SETTINGS
Configuration
• Source EMA: Determines the period of the source EMA.
• Fast EMA: Determines the period of the fast EMA.
• Med EMA: Determines the period of the medium EMA.
• Slow EMA: Determines the period of the slow EMA.
Colors
• Bullish Color: Determines the color of boxes when the source EMA is above the respective EMA.
• Bearish Color: Determines the color of boxes when the source EMA is below the respective EMA.
• Bullish Transition Color: Determines the color of boxes when the current bar closes above the respective EMA while the source is below it.
• Bearish Transition Color: Determines the color of boxes when the current bar closes below the respective EMA while the source is above it.
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