OPEN-SOURCE SCRIPT
EMA Bounce
This indicator will:
Strategy:
NOTE: You can set up alerts so that you don't have to watch charts and wait for the signals.
If you find this indicator useful, tips and donations are always appreciated. Venmo @rick-munoz :)
- signal a GREEN triangle if a candle opens below the EMA and closes above the EMA
- signal a RED triangle if the candle opens above the EMA and closes below the EMA
Strategy:
- First identify the trend (stick to one timeframe, I use 4h)
- If in an UP trend, then go LONG on GREEN triangles, do not trade red triangles as that would be a counter-trend trade (I am placing buy stops at the HIGH of the signal candle)
- If in a DOWN trend, then go SHORT on RED triangles, do not trade on green triangles as that would be a counter-trend trade (I am placing sell stops at the LOW of the signal candle)
- Default EMA is set to 50, you can change to a higher number for less signals or a lower number for more signal
NOTE: You can set up alerts so that you don't have to watch charts and wait for the signals.
If you find this indicator useful, tips and donations are always appreciated. Venmo @rick-munoz :)
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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