Daily EMAs (8, 21 & 50) with Band

Description:

This script plots the Daily EMAs (8, 21, and 50) on any intraday or higher timeframe chart. It provides a clear, multi-timeframe view of market trends by using daily exponential moving averages (EMAs) and a dynamic visual band. I use this on the major indexes to decide if I should be mostly longing or shorting assets.

-In addition to identifying the trend structure, the 8-Day EMA often serves as a key area where buyers or sellers may become active, depending on the market direction:

-In an uptrend, the 8 EMA can act as a dynamic support zone, where buyers tend to re-enter on pullbacks.
-In a downtrend, the same EMA may act as resistance, where sellers become more aggressive.

-The script also includes a colored band between the 8 and 21 EMAs to highlight the short-term trend bias:

-Green fill = 8 EMA is above the 21 EMA (bullish structure).
Blue fill = 8 EMA is below the 21 EMA (bearish structure).

The 50-Day EMA is included to give additional context for intermediate-term trend direction.



Features:

- Daily EMA levels (8, 21, and 50) calculated regardless of current chart timeframe.
- 8 EMA acts as a potential buyer/seller zone based on trend direction.
- Color-coded band between 8 and 21 EMAs:

- Green = Bullish short-term bias
- Blue = Bearish short-term bias
- Customizable price source and EMA offset.
- Suitable for trend trading, pullback entries, and higher-timeframe confirmation.
Use Cases:

Identify key dynamic support/resistance areas using the 8 EMA.
Assess short-, medium-, and intermediate-term trend structure at a glance.
Enhance confluence for entry/exit signals on lower timeframes.