This indicator paints the background of the chart between 2 EMAs when all 3 given EMAs are in sync.
The default settings are:
Long-term EMA: 200 Period. Short-term EMA 1: 50 Period. Short-term EMA 2: 20 Period.
So according to the default settings, when the 20EMA is above the 50EMA, and the 50EMA is above the 200EMA, the area between the 20EMA and the 50EMA will turn green. When the 20EMA is below the 50EMA, and the 50EMA is below the 200EMA, the area will turn red. When the EMAs are all over the place (ie. price is consolidating), the area will be painted white.
You can change the colors in the indicator settings menu. To remove the white background, change the transparency to 100%. Unfortunately pinescript does not allow you to do this using code, otherwise I would have made that a default feature.
Thank you Matt and thanks for the teachings too, I made a script using all the things you taught
ZenAndTheArtOfTrading
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@nicholastirion, That's phenomenal Nicholas! Well done my friend, I'm sure it'll be the first script of many to come. Did you publish it? If so please post a link to it, I'd love to check it out. Thanks for the coins and best of luck with your trading mate :)
Indicator-Jones
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Hi there, I just want to let you know, I used 2 of your scripts to create a new indicator based on the teachings of enTHUZed. I hope you like it » tradingview.com/script/tNvGqLmG-MTF-Dynamic-Support-Resistance/ All credits go to you of course, as mentioned in the description. Thank you 🙏 Ben
ZenAndTheArtOfTrading
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@Indicator-Jones, Hey Ben! That's awesome mate, well done. Very cool to see. Thanks for the credit/shoutout, you don't have to do that but I appreciate it :)
PS. Looks like it got taken down for violating the house rules, that's happened to me a few times haha. If you included a link to a website or anything like that it gets rejected so if you re-publish it make sure not to include any links. Keep up the great work 👍 good luck with your trading and coding my friend.
Indicator-Jones
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@ZenAndTheArtOfTrading, Thank you 🙏 I have to check what the problem is (no external links were included).
CryptoZeeKay
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Great Work and very useful indicator that simplifies the trading decision. Many Thanks for your effort!
ZenAndTheArtOfTrading
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@CryptoZeeKay, thanks for the kind feedback, you're welcome my friend! Good luck with your trading :)
UnknownUnicorn31696450
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Thanks for your time and effort.
ZenAndTheArtOfTrading
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@mabdalle49624, thank you! Good luck with your trading :)