EMA Extended

The general idea behind the indicator is that when price is extended away from an EMA (usually the 50 EMA for the Market Maker strategy), it usually comes back to it. When monitoring many assets or cryptocurrencies, this indicator (with Alerts) provides ease of mind to spot such opportunities across the board.

This indicator uses an EMA and the current price (candle's High and Low) to signal 'Long' or 'Short' when price is extended away from the EMA with a specific ratio. The signal is in the form of an arrow that appears above the candle to be Shorted, or below the candle to be Longed. Those signals are also exported to the Alerts system so you can choose to trigger alerts (preferably "Once Per Bar").

All features are configurable from the indicator's settings.

Example: 'Long' signal if price is extended 0.78% below the 50 EMA , or 'Short' signal if price is extended 5.2% above the 50 EMA .

I plan to expand on this indicator to support MAs, as well as the potential to include multi-conditions (AND/OR) of two different EMAs/MAs (eg. 'Short' signal if price is 8% above 50 EMA and 20% above 200 MA).

If you have suggestions or questions, you can message me or leave a comment.