OPEN-SOURCE SCRIPT
ASFX EMAs, ADR, Asian Range, and Pivot Points
Updated
This indicator combines the essential indicators that ASFX traders use, including the EMAs (8, 21, 50, 200, 800), the Average Daily Range, the Asian Range, and the Pivot Points.
The EMAs should be used as dynamic supports and resistances. We could use it to find entries like when there is a bullish engulfing coming off the 21 EMA.
The Average Daily Range tells us the how many pips the pair moves on average. We could use it to measure risk/reward ratios or see it as another resistance.
The Asian Range is displayed as two lines indicating the Asian Session's High and Low. This could help us to determine whether the pair is ready for a breakout. We might avoid setups that are still in the Asian Range as the pair might still be indecisive.
The Pivot Points are also another form of support and resistance which are calculated using the previous day's data. The Pivot Points displayed in this indicator only include the Pivot, R1, R2, R3, S1, S2, S3. (R4, R5, S4, S5 are not included)
All of these indicators should give us a read of the trend. If the EMAs are beautifully fanned out with the 8 EMA on the top and the 800 EMA on the bottom and the price is above the Asian Range and the Pivot, we might keep an eye for a long entry.
The EMAs should be used as dynamic supports and resistances. We could use it to find entries like when there is a bullish engulfing coming off the 21 EMA.
The Average Daily Range tells us the how many pips the pair moves on average. We could use it to measure risk/reward ratios or see it as another resistance.
The Asian Range is displayed as two lines indicating the Asian Session's High and Low. This could help us to determine whether the pair is ready for a breakout. We might avoid setups that are still in the Asian Range as the pair might still be indecisive.
The Pivot Points are also another form of support and resistance which are calculated using the previous day's data. The Pivot Points displayed in this indicator only include the Pivot, R1, R2, R3, S1, S2, S3. (R4, R5, S4, S5 are not included)
All of these indicators should give us a read of the trend. If the EMAs are beautifully fanned out with the 8 EMA on the top and the 800 EMA on the bottom and the price is above the Asian Range and the Pivot, we might keep an eye for a long entry.
Release Notes
Colors of the ADR and the Pivot Points can be customized now!Release Notes
Change appearance of the Asian RangeRelease Notes
Internal bug fixesRelease Notes
Users can set the display limit of the Asian Range and the Pivot Points.Colors of each pivot can now be customized.
Asian Range is responsive to non-default Asian Session.
ADR and Pivot Points are not line objects anymore as there is a limit to the number of lines drawn. They are using the plot function instead.
Release Notes
Users can now choose to highlight their trading sessionsOpen-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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Disclaimer
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