This is a modified version of the exponential moving average indicator. The only difference is that it changes color based on price action.
How It Works
When the closing price is above the EMA, the EMA will turn green for bullish.
When the closing price is below the EMA, the EMA will turn red for bearish.
This sets the calculation period of the Exponential Moving Average.
This sets the data source of the Exponential Moving Average.
// Created by Matthew J. Slabosz // www.zenandtheartoftrading.com // @version=3 study(title = "MJS - Colored EMA", shorttitle="EMA+", overlay = true) // Strategy settings emaLength = input(50, minval=1, title="EMA Length") emaSource = input(close, title="EMA Source") // Get EMA and plot it ema = ema(emaSource, emaLength) plot(ema, color=close > ema and close > ema ? green : red, linewidth=2)
Last Updated: 21st March, 2019