OPEN-SOURCE SCRIPT
Updated 5 Moving Average (Simple / Exponential)
Defaults to 1 SMA with 4 EMA bands. 200 SMA is intended to show the trend; 20,40 and 55 EMA show entries; 81 EMA is used as stop/take profit. Defaults are inspired by 'Eric Choe' but you can switch between EMA and SMA as per your own preference. Philakone uses all 5 as EMA 8, 13, 21, 55, 200
Release Notes
Updated Inputs to allow more customization but still trying to keep it simple.Moving Average Types
Before: MA 1-4 were tied to each other with a single checkbox to select EMA/SMA (MA5 had a separate checkbox)
Now: There is one drop down to select how many MAs are EMA vs SMA
Moving Average Source
Before: Moving averages were fixed with close as the source
Now: Moving averages default to use close as the source but there is a checkbox to enable custom options and a drop down selector for each Moving average.
The example is following a basic MA strategy suggested by Eric Choe. It can produce decent results but should really be paired with oscillators to anticipate some of these moves. Check out my Multiple Oscillator script
Feel free to comment with any suggestions or requests.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.