EMA TREND CLOUD
******THIS IS NOT TRADING ADVICE - THERE ARE NO GUARANTEES - USE AT YOUR OWN RISK******
Plots the 9 and 20 period exponential moving averages (EMA) and paints a cloud between, visually identifiying the intraday trend and the strength of it. Green cloud for long, red cloud for short. The thicker the cloud the stronger the trend. Long play entry is when the 9 EMA crosses above the 20 EMA causing the cloud to turn green, opposite for short.
Aggressive entry is at the close of the bar that causes the cross to happen. Conservative entry is when the second bar after the cross closes above the 9 EMA and is in the direction of the play.
Exits can happen when price closes in the cloud or on the opposite side of the cloud or when the averages cross in the opposite direction of the trade depending on the individual's risk tolerance.
******THIS IS NOT TRADING ADVICE - THERE ARE NO GUARANTEES - USE AT YOUR OWN RISK******
Plots the 9 and 20 period exponential moving averages (EMA) and paints a cloud between, visually identifiying the intraday trend and the strength of it. Green cloud for long, red cloud for short. The thicker the cloud the stronger the trend. Long play entry is when the 9 EMA crosses above the 20 EMA causing the cloud to turn green, opposite for short.
Aggressive entry is at the close of the bar that causes the cross to happen. Conservative entry is when the second bar after the cross closes above the 9 EMA and is in the direction of the play.
Exits can happen when price closes in the cloud or on the opposite side of the cloud or when the averages cross in the opposite direction of the trade depending on the individual's risk tolerance.
******THIS IS NOT TRADING ADVICE - THERE ARE NO GUARANTEES - USE AT YOUR OWN RISK******
Versionsinformation:
Corrected comments and removed unused script.
Versionsinformation:
Added bubbles to indicate if Calls or Puts are called for. Also converted to Pine V5.