OPEN-SOURCE SCRIPT
MultiMADirection [pietherrieck]
this indicator looks for the direction of multiple moving averages (pointing up/down). if all show the same signal it is colored red (sell) or green (buy). if there are different signals it will turn gray (neutral). it should be used on the 4h or 1d timeframe. use the atr-value (small number next to the indicator name (MMAD)) as stop-loss. for example on eur/usd 0.0144 means a 144 pip stop-loss. if the color changes close the postition.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.