OPEN-SOURCE SCRIPT
PB's ESSMA
Concept:
There are a large number of moving averages available.
However, they are effective differently.
Trends confirmation and follow through requires a large number of moving averages to be used differently.
The concept here is to generate a combination moving average, each MA type can be weighted to provide a higher degree of confirmation of trend.
The weights are configurable in settings, and as a sample 50 length has been used.
ATR did not produce good result, so has been kept as optional.
The source can be modified.
The indicator provides a good Resistance support value in the larger time frame. And also provides a breakout and breakdown indication. Follow through is mostly effective.
The alert condition has been made such that it can directly be ported to discord.
For alerts one must configure their own message.
Happy trading.
There are a large number of moving averages available.
However, they are effective differently.
Trends confirmation and follow through requires a large number of moving averages to be used differently.
The concept here is to generate a combination moving average, each MA type can be weighted to provide a higher degree of confirmation of trend.
The weights are configurable in settings, and as a sample 50 length has been used.
ATR did not produce good result, so has been kept as optional.
The source can be modified.
The indicator provides a good Resistance support value in the larger time frame. And also provides a breakout and breakdown indication. Follow through is mostly effective.
The alert condition has been made such that it can directly be ported to discord.
For alerts one must configure their own message.
Happy trading.
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