'MA Band Distance Monitor' indicator is a simple tool for traders who rely on moving averages to make trading decisions. This indicator plots two moving averages of your choice (you can select the type of the moving average), and fills the space between them, creating a "band". The indicator also generates a table that displays the current price distance from both the fast and slow moving averages, as well as the average of the two. This allows you to quickly assess the strength of the trend and potential entry or exit points. In addition, the table also shows the average price distance from one to another MA and also the current distance between them, allowing you to compare the current price action to the historical average. This information can help you identify potential trend reversals and assess the overall health of the market. *** Slow length input must be greater than fast length input, otherwise indicator will produce faulty results
What would be ideal for intraday ? I use 5min charts. 8/20 or 20/100
HasanRifat
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@shacks420, In my opinion, the choice of moving averages for intraday trading can depend on the specific asset being traded and its price action. That being said, some commonly used moving average pairs for intraday trading include the 8/20 and 20/100 combinations. The 8/20 moving average pair is often used to identify short-term trends and potential entry/exit points, while the 20/100 moving average pair can help identify longer-term trends and overall market direction. Since you mentioned using 5-minute charts for intraday trading, it may be a good idea to backtest various moving average combinations to see how they perform on this timeframe. This can help you make an informed decision about which moving average pair to use in your trading strategy.