It is based in an EMA cross ( 9 x 21) and the Bollinger Bands without the central Moving Average.
I prefer to use the EMA cross in the middle of the bands.
It is also possible to activate "Colored Bars" to paint the candles according to the EMA cross: green if the candles are above both EMAs, white when at least one of them are in between EMAs and red if they are both below EMAs.
My operational works like this:
- Buy when price is above EMAs - Sell when price is belos EMAs
Of course, I use BB to give me the direction of the trend and I only enter in a trade when the price is in the same trend of the BB.
I avoid trades when the bands are getting narrowed.
I hope you enjoy my indicator and let me know if you have any suggestion! ;)
looks great, trying to understand - white bar is potential trend change? is buy/sell signal then when candle changes colour to green or red if also green = above blue cloud, and red = below red cloud? looks great in general just want to make sure I understand thank you :-)
OdirBrasil
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@Jelicattens, BUY when candle is green and above cloud (blue). SELL when candle is red and below cloud (red). Let me know if it worked for you! ;)
Jelicattens
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@OdirBrasil, Hi! Thank you for your response. Think the script is brilliant for catching trend the right way. So far it worked when trading outside the bollinger bands for short term trend reversal plays. Is there a way to put in one more slow moving average? I dont know if you have it planned. I will probably try by myself but am a crappy programmer haha... Thank you so much for the great work!