Canal porcentual EMA 26 (Elder) + EMA 13

This indicator is based on Alexander Elder’s swing trading framework and is designed to define value, overextension, and timing within an established trend.

The core of the indicator is the 26-period Exponential Moving Average (EMA 26), which represents the **value zone**. Around this EMA, a **percentage-based symmetrical channel** is plotted. The upper band is calculated as EMA 26 plus a fixed percentage of the EMA, and the lower band as EMA 26 minus the same percentage. This creates overbought and oversold zones relative to value, independent of volatility.

In Elder’s methodology, this channel is not a standalone signal generator. Its purpose is to provide **context**:

* The upper channel marks areas of **overvaluation**.
* The lower channel marks areas of **undervaluation**.
* The EMA 26 itself represents the zone where profits are typically taken.

The 13-period EMA (EMA 13) is added as a **timing tool**, not as a trend filter. While EMA 26 defines value and trend structure, EMA 13 helps identify short-term momentum shifts that can be used to time entries and exits.

Typical usage according to Elder:

* In an uptrend (EMA 26 rising), long trades are considered when price pulls back toward the lower channel and short-term momentum stabilizes or turns up.
* In a downtrend (EMA 26 falling), short trades are considered when price rallies toward the upper channel and momentum weakens.
* Profits are usually taken near the EMA 26, the value zone, rather than at the opposite channel.

This indicator is intended for **swing trading**, not for breakout trading or mechanical “touch-and-trade” entries. The channel defines where trades should be looked for, while additional tools (trend analysis, momentum indicators, and risk management) are required to complete the trading decision.

Used correctly, this script helps traders avoid chasing price, focus on high-probability pullbacks, and consistently trade from overextension back to value within the prevailing trend.