Script Description: This script is designed to provide a visual indication of the major and minor trends of an asset, along with potential buy and sell signals. It calculates two Simple Moving Averages (SMA): a longer-term 200-period SMA (Major SMA) and a shorter-term 20-period SMA (Minor SMA). The script determines whether the asset's closing price is above or below these moving averages to identify the major and minor trends. It also detects potential buying and selling opportunities based on the intersection of the asset's price with the SMA lines.
Usefulness: This script can be useful for traders and investors who follow trend-based strategies and want to monitor the major and minor trends of an asset. By visually displaying the trends and potential buy and sell signals, it helps traders make informed decisions about entering or exiting positions.
Simple Explanation on BTC Chart: In the context of a BTC chart, let's consider the following scenario:
BTC is currently trading above the 200-period SMA (Simple Moving Average), which is located at 29,059. BTC is trading below the 20-period SMA, positioned at 30,178. The current price of BTC is 29,916.
Based on this information, we can conclude that:
The major trend is bullish since BTC is trading above the 200-period SMA. The minor trend is bearish as BTC is trading below the 20-period SMA. The intersection of the price with the moving averages indicates a potential selling opportunity. Traders using this script would observe that BTC is in a bullish major trend, a bearish minor trend, and there is a possibility of a sell signal. They may consider these factors when making trading decisions, such as adjusting their positions or taking profits.
Remember to conduct your own analysis and consider additional factors before making any trading decisions.
Hello sir, Thnx for best indicator. One Request from my side is plz put Table position moveble And Font size also if possible.
Thnx
nikhil34a
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@d.umesh, Thank you for your valuable feedback. Regrettably, it is not possible to update a script once it has been published on TV. Additionally, there is a limitation on the number of scripts we can publish, allowing only two per month. However, I have taken note of your feature request and have incorporated it, along with a few others, into the upcoming version (V2.0). This new version is scheduled for release in mid-July and will address several enhancements and improvements.
One Request from my side is plz put Table position moveble And Font size also if possible.
Thnx