OPEN-SOURCE SCRIPT
Updated EMA Channel Cross
This indicator creates a channel from the EMA of the high and low. A signal is generated when a slow EMA crosses into the channel or a fast EMA crosses out of the channel.
"Maximum Fast Outside Length" requires the fast signal move from outside the channel across to the other outside of channel within this number of bars. I haven't found this too helpful.
"Minimum Slow Outside Length" requires the slow signal to be outside the channel for this number of bars. This should filter some choppiness.
A volume moving average filter is also available.
NOTE: this indicator "repaints". This means the signal may be generated in the middle of the bar, then go away before the bar closes. The alerts are issued the first time the cross occurs in the bar (also mid-bar). It is up to you to decide to act on the signal when it is issued or at the close of the bar.
Inspired by AmericanTrader on Baby Pips user forum:
forums.babypips.com/t/scalping-strategy-to-finish-the-year-strong/970430
"Maximum Fast Outside Length" requires the fast signal move from outside the channel across to the other outside of channel within this number of bars. I haven't found this too helpful.
"Minimum Slow Outside Length" requires the slow signal to be outside the channel for this number of bars. This should filter some choppiness.
A volume moving average filter is also available.
NOTE: this indicator "repaints". This means the signal may be generated in the middle of the bar, then go away before the bar closes. The alerts are issued the first time the cross occurs in the bar (also mid-bar). It is up to you to decide to act on the signal when it is issued or at the close of the bar.
Inspired by AmericanTrader on Baby Pips user forum:
forums.babypips.com/t/scalping-strategy-to-finish-the-year-strong/970430
Release Notes
Added volume moving average filter.Release Notes
Added alert function callsOpen-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.