((Bullish)) Candle below EMA — Indicator by LuxTradeVenture

candlestickanalysis movingaverage trendanalysis movingaveragepriceaction candlestickpattern candlestickspatterns candlesticksignals emas trendfollowing

Hello People of the Trading World...

Todays script is a basic concept of using Moving Averages and Candle Closes - this works best on Higher Timeframes and only in Bullish Conditions

"When the market is trending to the upside - we tend to see price overextend from the moving average and price revert back to the mean (Mean Reversion)"

You may ask why would you want this candle - this presents good opportunities in a trending market (NOT AN ENTRY CANDLE). This can be useful to get into existing trends which you may have missed

This candle will display when the candle close is below one of the below EMAS
9EMA
50EMA
100EMA

You can choose which one to show ie if the 21ema wasnt important but the 100ema was... turn off the 21ema and 50ema and this will display candle below the 100ema

This candle can be alerted in the settings so if price does close you wont miss it.

EXMAPLES:

If you find this script useful please leave a comment and a thumbs up :)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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