Bounces
study(title="IP Bounce", shorttitle="CBS", overlay=true) // INDICATOR SETTINGS ema50 = ema(close, 50) ema20 = ema(close, 20) ema7 = ema(close, 7) ema3 = ema(close, 3) atrs = (offset(atr(3), 1) / atr(3)) // chop = () // PLOT EMA LINES plot(ema50, color=red, title="50 EMA") plot(ema20, color=blue, title="20 EMA") plot(ema7, color=white, title="7 EMA") plot(ema3, color=yellow, title="3 EMA") // CRITERIA FOR 20 EMA BOUNCE SETUPS b20buy = (ema20 > ema50) and (open > ema20) and (close > ema20) and (low < ema20) and (atrs >= 1) b20sell = (ema20 < ema50) and (open < ema20) and (close < ema20) and (high > ema20) and (atrs >= 1) // CRITERIA FOR 50 EMA BOUNCE SETUPS b50buy = (ema20 > ema50) and (open > ema50) and (close > ema50) and (low < ema50) and (atrs >= 1) b50sell = (ema20 < ema50) and (open < ema50) and (close < ema50) and (high > ema50) and (atrs >= 1) // PLOT CRITERIA FOR 20 EMA BOUCE SETUPS B2B = iff(b20buy == 1 and b50buy == 0, 1, 0) plotshape(B2B, style=shape.arrowup, color=green, location=location.belowbar, text="B2", textcolor=white, title="20 EMA Long") B2S = iff(b20sell == 1 and b50sell == 0, 1, 0) plotshape(B2S, style=shape.arrowdown, color=red, location=location.abovebar, text="B2", textcolor=white, title="20 EMA Short") // PLOT CRITERIA FOR 50 EMA BOUNCE SETUPS B5B = iff(b20buy == 0 and b50buy == 1, 1, 0) plotshape(B5B, style=shape.arrowup, color=green, location=location.belowbar, text="B5", textcolor=white, title="50 EMA Long") B5S = iff(b20sell == 0 and b50sell == 1, 1, 0) plotshape(B5S, style=shape.arrowdown, color=red, location=location.abovebar, text="B5", textcolor=white, title="50 EMA Short") // PLOT CRITERIA FOR 20 EMA BOUNCE AND 50 EMA BOUNCE SETUPS B2B5B = iff(b20buy == 1 and b50buy == 1, 1, 0) plotshape(B2B5B, style=shape.arrowup, color=green, location=location.belowbar, text="B2B5", textcolor=white, title="Both EMA Long") B2B5S = iff(b20sell == 1 and b50sell == 1, 1, 0) plotshape(B2B5S, style=shape.arrowdown, color=red, location=location.abovebar, text="B2B5", textcolor=white, title="Both EMA Short")