Fibonacci EMAs / Trend and Chopzone identifier

2021년 2월 10일

Implementation from the highly recommended course "Pinescript Indicator Development" on Udemy
udemy.com/course/pinescript-indicator-development/

This indicator is mostly to show some techniques in Pinescript rather than be useful for trading, however it does nicely identify trend and chop zones (sideways) on the 1-hour or 4-hour chart.

What it does:

- Has three EMAs at varying length and plots these on the chart
- Computes when the EMAs are in bullish configuration (EMA short > Medium > long)
- Computes when EMAs are in bearish configuration (EMA short < Medium < long)
- When the EMAs are crossed there is a chop zone (sideways)
- Colours the background of the chart as Green (bullish), Red (bearish) or Orange (sideways chop zone)
- Also predicts the value of the three EMA's three points into the future using linear regression (showed as dots on the chart)

2021년 2월 10일

릴리즈 노트

Couple more comments