FingerTrap Indicator by CooperHoang

Begin of green = entry Long
Begin of red = entry Short
Yellow = retracement of downtrend or begin of uptrend
Bright Yellow = strong indication trending is move up

Orange = retracement of uptrend or begin of downtrend
Bright Orange = strong indication trending is move down

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.

Disclaimer

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Want to use this script on a chart?

study(title="Moving Average Exponential", shorttitle="FingerTrap", overlay=true)
len = input(8, minval=1, title="Length")
src = input(close, title="Source")
out = ema(src, len)

len1 = input(96, minval=1, title="Length1")
out1 = ema(src, len1)
len2 = input(408, minval=1, title="Length2")
out2 = ema(src, len2)

data = close > out
data1 = close < out
data2 = close > out1
data3 = close < out1
data4 = close > out2
data5 = close < out2
data6 = out > out1 and out1 > out2
data7 = (out < out1 and out1 < out2)

bgUp    = (data and data2 and data4 and data6) ? green : na
bgmiddle = (out < out1 and out2 < out and out2 < out1) ? orange : na
bgmiddle1 = (out > out1 and out2 > out and out2 > out1) ? yellow : na
bgmiddle2 = (out < out1 and out < out2 and out1 > out2) ? orange : na
bgmiddle3 = (out > out1 and out > out2 and out1 < out2) ? yellow : na
bgDown  = (data1 and data3 and data5 and data7) ? red : na
// === /LOGIC ===

// === PLOTTING ===
bgcolor(bgUp, transp=20)
bgcolor (bgmiddle, transp=20)
bgcolor (bgmiddle1, transp=20)
bgcolor (bgmiddle2, transp=0)
bgcolor (bgmiddle3, transp=0)
bgcolor(bgDown, transp=20)