Price Action Health Check

This is a price action indicator that measures market health by comparing EMAs, adapting automatically to different timeframes (Weekly/Daily more reliable) and providing context-aware health status.

Key features:

• Automatically adjusts EMA periods based on timeframe
  
• Measures price action health through EMA separation and historical context
  
• Provides visual health status with clear improvement/deterioration signals
  
• Projects a 13-period trend line for directional context
  

Trading applications:

• Identify shifts in market health before major trend changes
  
• Validate trend strength by comparing current readings to historical averages
  
• Time entries/exits based on health status transitions
  
• Filter trades using timeframe-specific health readings
  

I like to use it to keep SPX in check before deciding the market is going down.

Note: For optimal analysis, use primarily on Weekly and Daily timeframes where price action patterns are more significant.