3 EMA Shakeout

The 3 EMA Shakeout is Matt Caruso's twist on the undercut and rally.

3 main criteria for this set up:
✅The stock undercuts a previous low
✅The stock then has 3 days to close above the 3 exponential moving average
✅An entry triggers the next day if the stock moves above the high of the day that closed above the 3ema

This indicator captures all three criteria and plots a label when a 3 EMA Shakeout has set up.

Indicator features:
✅ Identify 3 EMA Shakeout
✅ Draw a line at 3 EMA Shakeout entry pivot
✅ Plot swing high and low pivot prices on the chart (calculated the same way as Marketsmith)
✅ Plot the 3 ema

Options:
✅ Show or hide the 3ema
✅ Chose 3 ema color
✅ Show or hide swing high and low pivot points
✅ Chose 3 EMA Shakeout identifier color
✅ Show or hide entry line and chose it's color

Versionsinformation:

Update allows for choice of swing high and low text color

Versionsinformation:

Option to adjust pivot length