OPEN-SOURCE SCRIPT
Premarket/Previous Day Level Break & EMA Condition Dots
This indicator helps prevent chop and clarifies trend direction.
I prefer on 10 min chart, Indicator will show up only after price has broken previous day levels or pre-market levels, this avoids chop, once green shows for calls, or red for puts, wait for a retest of one of the daily levels, the first 5 min ORB levels, OR a retest off the 8 or 20 EMA when price is overextended.
Conditions for Green Dot: The green dot appears when the price is above either the premarket high or previous day's high, and also above both the 8 EMA, 20 EMA, and VWAP.
Conditions for Red Dot: The red dot appears when the price is below the premarket high or previous day's high, below both the 8 EMA, 20 EMA, and VWAP.
I prefer on 10 min chart, Indicator will show up only after price has broken previous day levels or pre-market levels, this avoids chop, once green shows for calls, or red for puts, wait for a retest of one of the daily levels, the first 5 min ORB levels, OR a retest off the 8 or 20 EMA when price is overextended.
Conditions for Green Dot: The green dot appears when the price is above either the premarket high or previous day's high, and also above both the 8 EMA, 20 EMA, and VWAP.
Conditions for Red Dot: The red dot appears when the price is below the premarket high or previous day's high, below both the 8 EMA, 20 EMA, and VWAP.
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