This is a modified version of the exponential moving average indicator to change color based on trend (red/ bearish if price has closed below EMA , green/ bullish if price has closed above EMA ).
Release Notes: Made color change only after previous candle closed above/below EMA instead of current candle (looks better).
Release Notes: Minor improvements :)
Release Notes: Minor improvements
Release Notes: Updated to Pine Script version 4
Release Notes: Updated to Pine Script v5

My Resources Hub: https://theartoftrading.com
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FREE Pine Script Basics Course: http://rebrand.ly/zpsbc
Pine Script MASTERY Course: http://rebrand.ly/zpsmc
My Indicators & Strategies: http://rebrand.ly/zmisc
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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