Refracted EMA is a price based indicator with bands that is built on moving average. The price range between the bands directly depends on relationship of Average True Range to Moving Average. This gives us very valuable variable constant that changes with the market moves. So the bands expand and contract due to changes in volatility of the market, which makes this tool very flexible exposing psychological levels.
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Small change in formula to increase graphic representation of Volatility
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Added more bands
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High Low levels TF based Support and Resistance
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Removed unnecessary lines
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Increased responsiveness of bands
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UPD: Main EMA colors denote the direction of the trend
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UPD: ⚠️ Now the indicator is based exceptionally on Buying & Selling Pressure instead of ATR. This means that when price goes up the buying pressure determines the width of the upper "hot color" channels, whereas selling pressure set the width of lower "cold color" channels on decline.[/b Added bool. Color of Original EMA also depends on Buying and Selling Pressure and price change.
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Fixed default settings upon update.
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Added VWAP based bar colors which plays a role of another layer of visualized confirmation.
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UPDATE: Eliminated VWAP and changed design.
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Redesign of BG Trending colors. Fast MA carries a signal that colors bars. It should be at least twice less than inputs of Base EMA. I usually use same values of BSP and Base EMA. If you want to use higher values, say 360 for BASE EMA and BSP, then you must increase proportionally the input of Fast EMA and and set Factor accordingly. If you have no idea what's BSP, please go to my scrips and find "Buying & Selling Pressure" or just add it to the chart.
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Had to remove Bar Coloring. It's a crime against trading. Added extended lines of the bands and highlights of Buying and Selling Pressure relationship. They can also create intersections which determine levels of market conditions. Added historic Traces within our system.
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Highlights Color grouped.
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Altered conditions of firing the highlights
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LT version update: Fixed once for all background highlight signals by incorporating NET BSP. Now we have signals based on change of NET BSP and EMA. 2 confirming trend different instruments.
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Fixing my silly mistake on wicks. (facepalm)
incorporated ST based on BSP.
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Added no wick mode. Where certain wicks depending on whether we're dealing with Buying or Selling Pressure. In this mode bands shrink and expand faster in correlation to trend condition. When we're at uptrend cold color zones shrink faster while hot color zones expand according to candle metrics.
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In this update I added a switch to the following visual tools inside FREMA:
Zones: (Horizontal areas filled): Highlights: (Vertical timing of trades): Traces (Tracks price movements inside different zones separately):
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Changed default formula of bands
Rearranged user inputs
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Update:
Ability to alter the averaging of buying/selling pressure and their factors separately
Assigning custom ranges enables targeting certain trend conditions
Default for both: Averaging: 10 Factor: 3 I do not suggest changing the average BP & SP. Let them be 10. However, by setting the factor of BP lower than of SP will force the trade to close at higher levels. It is suitable when strategy is Open Long/Close Long oriented.
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Now we have second source of signals + alerts "FR" (shorter term signals relative to ST)