xkavalis

10/5 Weekly/Daily EMAs with Confirmations

Plots Daily and Weekly 10 & 5 EMAs (but fully customizable to your own).

In addition to plotting the EMAs it color coordinates trend bias and has cross confirmation signals.

Philosophy and how to read:

I use this indicator when trading strictly on the daily timeframe . I have not tested it on other timeframes.

In my trade system I start with both the monthly and weekly charts to define overall bias.

Here’s the general rule of thumb.

10 EMA is direction (bias) and 5 EMA is price.

If 5EMA is below 10EMA there is a bear bias. If 5EMA is above 10EMA there is a bull bias.

This indicator will plot both the daily and weekly 10 & 5 EMAs.

It will also color code the background based on how these EMAs relate to each other.
  • Light red typically is just the daily is confirmed bear (typically because it could be either or)
  • Dark red, both daily and weekly in confirmed bear.
  • Light green, typically just daily is confirmed bull (typically because it could be either or)
  • Dark green, both daily and weekly in confirmed bull.

In addition to background highlight there is confirmation crosses.

  • The daily confirmation cross is default yellow triangle.
  • Down triangle is 5 crossing the 10 downward.
  • Up triangle is the 5 crossing the 10 upward.
  • The weekly confirmation is the same only is aqua color.

Generally, on a color change you want to see one or both confirmation in the direction of the bias change.

If you only want to plot the daily bias in the options unclick the setting: Include Weekly Background Plotting. Unclicking this will remove the background coloring for the weekly bias. This might be helpful if you only want to see the strength of what the weekly timeframe is telling you.

Also, I’m primarily a trend trader but I also do have a reversal system I trade with lower R:R parameters.

A good reversal confirmation signal I’ve noticed is the instrument that you are trading should go through a cycle of light color to dark color.

You could also create alerts with this indicator based on just signals. When the signal fires the value will be 1.

Future Updates:
I want to find some way to correlate the distance between these EMAs to enhance the signal. Also to include a velocity component. Plus a few more things.

If you like this indicator please like and leave a comment down below.

Feb 21
版本注释: This update includes a few more options and the ability to turn things off individually.

  • Option to turn on/off daily bias color
  • Option to turn on/off weekly bias color
  • Option to set a daily fast EMA bias color and length of lookback

With the fast EMA daily look back. The default is 3. What this means is if the last 3 periods on the daily fast 5 EMA is rising then a bull bias will be painted (green). If the last 3 periods are falling then bear bias will be painted (red).
Mar 17
版本注释: This update changes some of the logic from before.

For the daily timeframe it used to use the chart resolution. While this is helpful it deviates from the true stated purpose of this indicator.

A weekly and daily 10/5 EMA cross and bias indicator. This update now ensures that the daily timeframe will be used.

I also updated the naming of the variables so this indicator can be easily copied and pasted to the Strategy Tester.

Next version we'll be adding to alerts to crosses.
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Check out my google doc: The Ultimate Primer on trading BTC, ETH, and crypto ALT coins you can find: https://goo.gl/mS2cj8
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