MIGHTY TREND

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This indicator comes from Rob Booker 5, 13 and 62 EMA Trend Trading system.
I do not own, nor make any claim of this system, nor do I charge anyone money for this system.


for more detail about this trading strategy visit:
robbooker.com/books/5-13-62.pdf



What I did:
1. hard coded ema 5/13/62 into one indicator
2. made ema 62 turn green when ema 5 is above ema 13 and both are above ema 62 (this suggest there's a trend up)
3. made ema 62 turn red when ema 5 is below ema 13 and both are below ema 62 (this suggest there's a trend down)
4. made ema 62 turn yellow when ema 5 is between ema 13 and 62 (this might suggest there's a pullback or reversal)
5. made barcolor turn green when ema 5 is above ema 13
6. made barcolor turn red when ema 5 is below ema 13
7. filled ema background green when ema 5 is above ema 62
8. filled ema background red when ema 5 is below ema 62

Note: market is either trending OR consolidating
consolidating market can be recognized when ema 5/13 are spiraling around ema 62
trending market can be recognized when ema5/13 are gapping above or below ema 62

Note:
I have used this indicator on Forex only. I have no experience with stocks nor bitcoin with this indicator.

Purpose:
Helps trader to determine weakness in strength, which might result into a pullback or reversal. (see point 4 and 5)
Helps trader to determine start of a trend.
Helps trader to determine if you're in a trending or consolidating market.

Note:
Strongly recommend to read the 5/13/62 pdf.
Strongly recommend to use it with multi timeframe analysis for better entry
Strongly recommend to pair this indicator with other momentum oscillators

Note:
To be able to show Candle colors correctly, go to settings on your chart, tab symbols, uncheck borders.

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ملاحظات الأخبار

complete overhaul