Medium EMA Cross for Binary Options

This is a rework of one of Chris Moody's EMA scripts, but made useful for binary options trading. The color of the indicator is the direction of the trade you should take immediately after the bar closes. This is ideal for 5 minute charts. Overlays are based on EMA crossovers. This is dead simple - green overlay = CALL, red overlay = PUT.

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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Want to use this script on a chart?
// Created By User ChrisMoody
// Modified By User TimJaeger
// This Indicator plots crossovers of the Medium EMA
// Ideal for use on 5 minute chart - color indicates action you should take for the next interval (e.g. green overlay = CALL with 5 minute expiry time)
// If next candlestick is not in the direction of the overlay (e.g. the next 5 minute candle isn't green) 
// you can either martingale the next trade or stop and wait for the next red or green overlay

study(title = "Medium EMA Cross for Binary Options", shorttitle="Medium EMA Cross for Binary Options", overlay=true)

src = close, len = input(8, minval=1, title="Fast EMA")
src2 = close, len2 = input(21, minval=1, title="Medium EMA")
src3 = close, len3 = input(34, minval=1, title="Slow EMA")

isUp() => close > open
isDown() => close < open

emaFast = ema(src, len)
emaMedium = ema(src2, len2)
emaSlow = ema(src3, len3)

bgcolor(close[0] > emaMedium and emaFast < emaMedium and isUp() and (emaFast < emaMedium and emaMedium < emaSlow) ? red : na, transp = 70)
bgcolor(close[0] < emaMedium and emaFast > emaMedium and isDown() and (emaFast >= emaMedium and emaMedium >= emaSlow) ? green : na, transp = 70)