Bull Market Support Band (20W SMA + 21W EMA)

🟩 Bull Market Support Band (20W SMA + 21W EMA) [v6]

OVERVIEW

The Bull Market Support Band is a long-term trend indicator that combines the 20-week SMA and 21-week EMA.
When price is above the band → bullish trend.
When below → bearish trend.
When within → neutral or transition phase.
This v6 version adds full customization, dynamic coloring, event labels, candle coloring, and a configurable on-chart legend table with trend arrows.

HOW IT WORKS

• Calculates the 20W SMA and 21W EMA from a user-selectable higher timeframe (weekly by default).
  
• Plots both averages and shades the area between them to form the support band.
  
• The fill and line colors change automatically based on the market phase:
   🟩 Green = Bullish (price above)
   🟥 Red = Bearish (price below)
   ⬜ Gray = Neutral (price within).
  
• Labels appear only when the trend state changes.
  
• Alerts trigger when price crosses the band or either moving average.
  
• Optional candle coloring applies the same bull/bear/neutral logic to price bars.
  
• A convenience legend table displays current 20W SMA and 21W EMA values, along with slope arrows (^, v, =).
  

INCLUDED FEATURES

• Configurable calculation timeframe.
  
• Automatic band fill and line coloring.
  
• Optional candle coloring overlay.
  
• Compact or detailed regime-change labels.
  
• ATR-based label offset and spacing control.
  
• Customizable legend table with background color.
  
• Horizontal or vertical legend layout.
  
• Custom arrow characters (ASCII or Unicode).
  
• Built-in alerts for band and MA crosses.
  
• Optimized for higher-timeframe accuracy using request.security().
  

USAGE TIPS

• Keep the default weekly setting for macro trend context.
  
• On lower chart timeframes, use the band as higher-level support/resistance.
  
• Combine with momentum or volume indicators (RSI, MACD, OBV) for confirmation.
  
• Adjust ATR multiplier to move labels further from price candles.
  
• Increase “Min bars between labels” to reduce visual clutter.
  
• Disable auto-coloring if you prefer a static color theme.
  
• Toggle compact legend or switch between horizontal/vertical layouts for best fit.
  

INTERPRETATION GUIDE

• 🟩 Bullish: Price above the band → trend continuation likely.
  
• ⬜ Neutral: Price within the band → consolidation or potential reversal zone.
  
• 🟥 Bearish: Price below the band → downtrend continuation or distribution.
  

Sustained closes above or below the band typically align with major market cycle shifts.

NOTES

• Uses request.security() for higher-timeframe precision — accurate even on smaller charts.
  
• The legend table is screen-anchored and remains fixed as you pan or zoom.
  
• Plots and labels are price-anchored and move with candles.
  
• Lightweight and efficient for all markets and intervals.
  

CREDITS

Original concept: The Bull Market Support Band (popularized in crypto analysis).
Enhanced Pine Script v6 version: Ricco.
Modernized for clarity, flexibility, and multi-timeframe accuracy.

SUMMARY

A modern, customizable Bull Market Support Band indicator highlighting long-term market regimes with clean visuals, color logic, and convenience features.
Designed for traders seeking macro clarity, minimal clutter, and professional presentation.