OPEN-SOURCE SCRIPT
5SMA Trend filter w/optional 10,20,50,200 moving averages
Trend filter indicator to determine ideal price action for long or short trades.
Cloud attached between price and 5SMA.
Using the 5SMA direction and relativity to price, two signals to help filter out head fakes.
If price > 5SMA and SMA pointing up then green cloud.
If price < 5SMA and SMA point down then red cloud.
If price > 5SMA and SMA pointing down or price < 5SMA and 5SMA pointing up then
Optional 10,20,50,200 simple moving averages.
Compatible with multiple timeframes.
Cloud attached between price and 5SMA.
Using the 5SMA direction and relativity to price, two signals to help filter out head fakes.
If price > 5SMA and SMA pointing up then green cloud.
If price < 5SMA and SMA point down then red cloud.
If price > 5SMA and SMA pointing down or price < 5SMA and 5SMA pointing up then
Optional 10,20,50,200 simple moving averages.
Compatible with multiple timeframes.
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