4XRandalll

5X EMA Trend Follower

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// Copyright by Randalll.com v1.0 09/03/2016
// This indicator provides 5 Exponential Moving Averages.
// Works well on 1D,4H,1H TF
// To be used with traditional trend following strategies.
// Example
// If 50/100/200 trending in same direction. Then buy/sell
// with trend direction. Use PA, pinbar , news catalyst
// or pullback to 50E for Entry signal.
// Use 2x ATR for SL, set no TP. Ride the trend to the end.
// Exit when 10 crosses 20, or 20 crosses 50
// in volitile markets.
// As always use at your own risk and stay awesome.
// by randalll.com
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study(title="5X EMA Trend Follower", overlay=true)
short1 = ema (close, 10)
short2 = ema (close, 20)
long1 = ema (close, 50)
long2 = ema (close, 100)
long3 = ema (close, 200)
plot(short1, color = green)
plot(short2, color = red)
plot(long1, color = blue)
plot(long2, color = purple)
plot(long3, color = black)
Release Notes: Works well with RSI 26, as shown and my value channel system,
I use the 5XEMA on 1H for support and resistance ideas in confluence with Fib or Percentage pullback zones.

I use Weekly, Daily and 1H Charts for overall big picture ideas and then price action for entry and exits.

I trade the first 35-45 minutes of the TSX/TSXV open, I do not wait for the candle to print, but watch live price action due to 15 minute delay of my charts.
I use my charts only for historical data and for watching zones.


use at your own risk!
Release Notes: Change Log
I have modified the EMA back to the more traditional levels, 10,20,50,75,200
EMA is calculated on Close, no longer ohlc4 (period average)
Added titles for clarity.
Release Notes: Corrected typo in the code to resolve EMA 200 Not showing correctly.
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hi...randall, how to put this to MT4 ?
Reply
I have not tried writing any script for MT4 as I don't use it. (I use Oanda's FX Trader). I will have a look and see.
Reply
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