OPEN-SOURCE SCRIPT
Plot background depending on Index EMA 10 and EMA 20
This indicator gives the user an easy way to check the conditions of the market.
Up market should be good for breakout traders.
Down market should be good for breakdown shortsellers
The others should be good for pullback buyers.
This script automaticlly check which index should be used for the depending on which ticker is view. If no match is found indicator will use IXIC as reference.
The script works for Nordic and US stocks.
"OMXSPI"
"OBX"
"OMXSPI"
"OMXHPI"
"OMXCPI"
"IXIC"
It then alculated the EMA10 and EMA20 for the index and plots the background depending on 6 differnet conditions.
EMA10 below EMA20 and EMA10 and EMA20 is sloping down. //Down market
EMA10 above EMA20 and EMA10 and EMA20 is sloping up. //Up market
EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping down. //First indication by market to move up
EMA10 above EMA20 and EMA10 sloping down and EMA20 is sloping up. //First indication by market to move down
EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping up. //Possible MA cross over
EMA10 below EMA20 and EMA10 sloping down and EMA20 is sloping down. //Possible MA cross over
Up market should be good for breakout traders.
Down market should be good for breakdown shortsellers
The others should be good for pullback buyers.
This script automaticlly check which index should be used for the depending on which ticker is view. If no match is found indicator will use IXIC as reference.
The script works for Nordic and US stocks.
"OMXSPI"
"OBX"
"OMXSPI"
"OMXHPI"
"OMXCPI"
"IXIC"
It then alculated the EMA10 and EMA20 for the index and plots the background depending on 6 differnet conditions.
EMA10 below EMA20 and EMA10 and EMA20 is sloping down. //Down market
EMA10 above EMA20 and EMA10 and EMA20 is sloping up. //Up market
EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping down. //First indication by market to move up
EMA10 above EMA20 and EMA10 sloping down and EMA20 is sloping up. //First indication by market to move down
EMA10 below EMA20 and EMA10 sloping up and EMA20 is sloping up. //Possible MA cross over
EMA10 below EMA20 and EMA10 sloping down and EMA20 is sloping down. //Possible MA cross over
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.