SPY Ninja correlates the true strength index exponential moving averages of SPY and together. In doing so we can determine the start of trend shifts via SPY / convergence in addition to crossover, with potential market entries and exits represented by the LONG and SELL signals.
50,100, and 200 have been added to chart due to the historic SPY market reactivity to these moving averages. They often act as natural levels with SPY , and when coinciding LONG and SHORT signals appear touching any of these levels, it adds an extra layer of confidence for traders' decisions. Also, by highlighting the areas on our SPY chart (red background areas) that represent a threshold higher than 25, we can bring attention to areas with potentially higher immediately so that traders know to proceed with caution.
SPY Ninja works harmoniously with the SPY Ninja Oscillator; Ninja provides the signals highlighting risky areas of concern, while the Ninja Oscillator adds an additional 3 levels of potential confirmation for your trade decisions.
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.