EMA bullish/bearish dashboard - MTF

The EMA bullish/bearish dashboard - MTF indicator provides a multi-timeframe trend visualization that helps traders align their orders with current market momentum across different periods.

Usage

The indicator displays trend strength through a column-based dashboard, allowing traders to identify four distinct market states based on the relationship between two Exponential Moving Averages (EMAs) and the current price:

• Full Bull (Strong Buy): Occurs when the shorter EMA is above the longer EMA and the price remains above the longer EMA.
• Half Bull (Weak Buy): Occurs when the shorter EMA is still above the longer EMA, but the price has retraced below the longer EMA.
• Full Bear (Strong Sell): Occurs when the shorter EMA is below the longer EMA and the price remains below the longer EMA.
• Half Bear (Weak Sell): Occurs when the shorter EMA is still below the longer EMA, but the price has moved back above the longer EMA.

By utilizing the Multi-Timeframe (MTF) feature, you can overlay conditions from higher timeframes onto your current chart to ensure you are trading in the direction of the macro trend.

Details

The script executes trend detection by comparing the position of two EMAs (defaulting to 100 and 200) relative to each other and the closing price. The "Half" states often serve as early warnings of potential trend exhaustion or temporary retracements, while the "Full" states confirm established directional bias. The implementation uses request.security to fetch data from the user-defined timeframe, ensuring consistency across different chart views.

Settings

• EMA 1 Length: Sets the period for the first (shorter) Exponential Moving Average.
• EMA 2 Length: Sets the period for the second (longer) Exponential Moving Average.
• Source: Determines the price data used for calculations (e.g., Close, Open, High, Low).
• Use current timeframe?: When enabled, the indicator calculates based on the chart's current resolution.
• Timeframe: When the "Use current timeframe?" option is disabled, this specifies the manual timeframe to be used for the trend calculations.

FAQ

How do I interpret the colors on the dashboard? The colors represent the strength of the trend. Solid green/red indicates a "Full" trend state where both the EMAs and price are aligned, while lighter or "Half" colors indicate a divergence between the EMA crossover and the current price position.

Can I use this for scalping or swing trading? Yes, the indicator is versatile. You can adjust the EMA lengths and the timeframe setting to suit short-term scalping or long-term trend following.

How can I access the EMA bullish/bearish dashboard - MTF? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.