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

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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.


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