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Ray with EMA Projection
The "Ray with EMA Projection" is a technical analysis tool designed to provide traders with insights into potential price movements based on a configurable Exponential Moving Average (EMA) and price action probabilities.
Key Features:
EMA Visualization: The indicator displays a customizable EMA that helps identify the trend direction. Traders can adjust the EMA length to fit their trading strategy.
Price Action Probabilities: Based on the recent high and low price action over a specified period, the indicator calculates and displays the probabilities of upward and downward price movements.
Projected Label: A label is positioned five bars ahead of the current price, providing a forecast of potential price behavior based on the calculated probabilities. This label gives traders a quick visual reference of the likelihood of price movement in either direction.
Usage:
Trend Confirmation: Use the EMA to confirm the trend direction before entering a trade. If the price is above the EMA, consider bullish positions; if below, consider bearish positions.
Probabilities for Decision Making: The probabilities displayed help traders gauge market sentiment and make informed decisions on potential entries or exits.
Future Price Projection: The projected label serves as a tool for anticipating market movements, allowing traders to adjust their strategies accordingly.
Key Features:
EMA Visualization: The indicator displays a customizable EMA that helps identify the trend direction. Traders can adjust the EMA length to fit their trading strategy.
Price Action Probabilities: Based on the recent high and low price action over a specified period, the indicator calculates and displays the probabilities of upward and downward price movements.
Projected Label: A label is positioned five bars ahead of the current price, providing a forecast of potential price behavior based on the calculated probabilities. This label gives traders a quick visual reference of the likelihood of price movement in either direction.
Usage:
Trend Confirmation: Use the EMA to confirm the trend direction before entering a trade. If the price is above the EMA, consider bullish positions; if below, consider bearish positions.
Probabilities for Decision Making: The probabilities displayed help traders gauge market sentiment and make informed decisions on potential entries or exits.
Future Price Projection: The projected label serves as a tool for anticipating market movements, allowing traders to adjust their strategies accordingly.
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