Shows what we at TRI call the institutional bias, i.e. a bull bias when 9 ema is above 18 ema and a bear bias when the 9 ema is below the 18 ema.
Plots the 9 and 18 ema, and fills the background green when the institutional bias is bullish and red when it is bearish.
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Institutional Bias is usually based on the daily time frame. By default the script will use the daily to determine the bias but you can turn it off to simply see the ema cross of the chart's time frame instead. For example, a 4h chart will by default still use the daily time frame to determine institutional bias.
Please let me know of any improvements that could be made to this indicator. Happy trading!
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Previous preview/example chart was clogged with other indicators.
@3rd_Horseman, maybe make it user definable. Choose between 1 and 3 moving averages, defining for every MA whether it is EMA or SMA and the length. For example, 13ema, 30sma, 200sma.
mjax1234xx
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This is a great chart indicator the EMA touches or when price touch based on bias are great entries further adding th 100 ema has this on steroids!!
maqpie
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@mjax1234xx, thank you! I really should update it so that users can define their own period for the sma/ema.
mjax1234xx
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@maqpie, although it is set on daily and should not be changed from that setting the bias changes when the mid or main body of the previous weekly candle closes above that level. looking at a weekly chart allows this to be seen.
maqpie
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@mjax1234xx, you are sure this isn't a repainting issue? That is, you have the chart open for long periods of time and then the value changes with each candle close?
mjax1234xx
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@maqpie, no pretty sure the proof level of a candle is the mid of the main body if next weeks candle closes above this weeks mid level it should repaint (Daily bias) to green even without the ema crossing up. It works the sameway down the mid level is essential in candlesticks this is a great indicator you can charge for this.
maqpie
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@mjax1234xx, I suppose this happens on all time frames higher than the daily. Not quite sure how I can fix this for all those time frames.
But why this indicator is named "institutional bias"?
@maqpie