Allright gang, we are here with a new indicator that should help you with determining the direction to trade or whether you should trade at all. It uses the close of the candle and 2 EMAs. The faster moving line is the difference between the close and the Slow EMA, while the slower moving line shows the difference between the Fast EMA and the Slow EMA.
There are a couple of ways you can use this indicator, depending on your trading style :
For the quick profit, in and out : - enable the safer trading option and keep smoothing at the default setting, buy when both lines are green, sell when both line are red and get out when one of the lines changes color (or when profit target is reached) (see the top option)
For longer trades : - you can increase the smoothing, use a higher Slow EMA and disable the Safer trading option, enter either when both lines have the same color, either on a crossover. (the bottom option)
In both cases, if both lines hover around the zero line, the trend is definitely not strong.
Much more options are available so I would love to hear how you use this indicator. A thumbs up if you like it would be highly appreciated :)
To add this indicator (or any other) to your chart, click the "Add to favorites" button. Then while having the chart you wish to apply it to open, click on Indicators > Favorites > [NM] EMADiff v01 (or any other indicator that you favorited.
Thank you for your useful indicator . I was trying something
Ivan_Ivanov0f
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Oh, I see, this is not a MT4 platform indicator. Thanks. I would not work I guess.
Nico.Muselle
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indeed, it's only for use on the TradingView platform :)
AndrewHook
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Merci Nico, have a good one.
Freeeze
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Great stuff :)
A suggestion : I would just change when it wants to goes up with another color, a blue color for example...If you see what I mean lol
Nico.Muselle
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You can freely choose your colors from the settings of the indicator, so have fun with it ;)
Freeeze
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Great :) Have a good one ;)
Nico.Muselle
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Example
Freeeze
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AH I see, but what I meant was: 4 color states: orange, red, blue and green... when it tends to drop(orange), when it drops(red), when it tends to goes up(blue) and finally when goes up in green ;)
Is it actually possible? Need to change in pcolor and fcolor I guess...and add a few conditions in that part certainly, is it C language?
Nico.Muselle
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it is definitely possible to add colors for different states, I myself prefer it to be simpler (I do not use the Safe setting) ... but there is a possibility to expand of course, You can always give it a try.
The script is pine script, you can find a reference for it here : tradingview.com/study-script-reference/