Creates a trend following indicator using EMA (Exponential Moving Average). It also highlights the position of the price relative to the EMA and adds visual elements according to the trend direction.
This code performs the following functions:
EMA Calculation: Calculates the EMA with the period specified by the user.
Trend Determination: Determines the trend direction according to whether the price is above or below the EMA.
Visual Elements:
Draws the EMA line and colors it according to the position of the price relative to the EMA.
Adds a label next to the EMA line and moves this label to the left or right as specified by the user.
Colors the background according to the trend direction (green or red).