OPEN-SOURCE SCRIPT
Trend Following Trigger
This is a basic trend following system that using 5, 13, 34 EMAs cross-overs as triggers.
The 5,13 EMA pair is tracking the short-term momentum, when 5 EMA crosses over 13 EMA up or down, the script will develop a bullish "fast pivot" point or "FP", which can be used as the first entry of a position.
The 13, 34 EMA pair is tracking the mid-term trend, when the 13 EMA crosses over 34 EMA up or down, the script will develop a bullish "slow pivot" point or "SP", which can be used as the second entry of a position.
And the exit would be when a bearish "Slow Pivot" is created.
Note that the basic assumption of trend following is that you should trade with the trend, not against the trend. Thus I added the 50, 60 MA pair, as well as 200, 220 MA pair for long-term trend reference, which is an idea that I learned from the Vegas Tunneling Trading System.
Example,
The 5,13 EMA pair is tracking the short-term momentum, when 5 EMA crosses over 13 EMA up or down, the script will develop a bullish "fast pivot" point or "FP", which can be used as the first entry of a position.
The 13, 34 EMA pair is tracking the mid-term trend, when the 13 EMA crosses over 34 EMA up or down, the script will develop a bullish "slow pivot" point or "SP", which can be used as the second entry of a position.
And the exit would be when a bearish "Slow Pivot" is created.
Note that the basic assumption of trend following is that you should trade with the trend, not against the trend. Thus I added the 50, 60 MA pair, as well as 200, 220 MA pair for long-term trend reference, which is an idea that I learned from the Vegas Tunneling Trading System.
Example,
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