OPEN-SOURCE SCRIPT

RJM Indicator for 10EMA Swing trade strategy

Updated
Indicator for a 10ema trading strategy.

Green triangle below a candle indicates a bearish candle that closed above the 10ema. Indicates it may be a good time to go long on this stock. Entry could be a stop limit buy above the high of the candle that triggered the indicator. Stop could be set below the 10ema line, and the low of the candle.

Red triangle above a candle indicates a bullish candle that closed below the 10ema. Indicates it may be a good time to go short on this stock. Entry could be a stop limit sell below the low of the candle that triggered the indicator. Stop could be set above the 10ema and the high of the candle.

Generally, look to setup based on the first candle that triggers the indicator in a given direction. Target is generally 1.2R above entry (where R = Entry Price - Stop Price)

When deciding whether to take the trade, keep in mind any other support/resistance levels that may be evident between your entry price and your target price.

Only trade within your own risk tolerance. Always use stops. Remember you are the one clicking the buttons - take responsibility for your own trades, and as with any strategy, make sure you backtest it before trading live.
Release Notes
Indicator for a 10ema trading strategy.

Green triangle below a candle indicates a bearish candle that closed above the 10ema. Indicates it may be a good time to go long on this stock. Entry could be a stop limit buy above the high of the candle that triggered the indicator. Stop could be set below the 10ema line, and the low of the candle.

Red triangle above a candle indicates a bullish candle that closed below the 10ema. Indicates it may be a good time to go short on this stock. Entry could be a stop limit sell below the low of the candle that triggered the indicator. Stop could be set above the 10ema and the high of the candle.

Generally, look to setup based on the first candle that triggers the indicator in a given direction. Target is generally 1.2R above entry (where R = Entry Price - Stop Price)

When deciding whether to take the trade, keep in mind any other support/resistance levels that may be evident between your entry price and your target price.

Only trade within your own risk tolerance. Always use stops. Remember you are the one clicking the buttons - take responsibility for your own trades, and as with any strategy, make sure you backtest it before trading live.

25/8/2023 - updated to fix bug where a bull signal was shown when open and close prices are the same.
Moving Averages

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 publication is governed by House rules. You can favorite it to use it on a chart.

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