//////////////////////////////////////////////////////////// // 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)
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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!
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Change Log I 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.
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Corrected typo in the code to resolve EMA 200 Not showing correctly.