MultiMADirection [pietherrieck] — Indicator by pierie743

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 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?

study("MultiMADirection [pietherrieck]", shorttitle="MMAD")
c=iff(ema(close,233)>ema(close[1],233) and ema(close,144)>ema(close[1],144) and ema(close,89)>ema(close[1],89) and ema(close,55)>ema(close[1],55) and ema(close,34)>ema(close[1],34) and ema(close,21)>ema(close[1],21), green, 
  iff(ema(close,233)<ema(close[1],233) and ema(close,144)<ema(close[1],144) and ema(close,89)<ema(close[1],89) and ema(close,55)<ema(close[1],55) and ema(close,34)<ema(close[1],34) and ema(close,21)<ema(close[1],21), red, gray))
plot(atr(14), style=columns, color=c)

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