This moving average indicator is a bull market support band. It's significance comes from the previous bull runs where the price was bouncing off or riding from a distance the support band until the end of the market cycle. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band.
The green line represents the 20 weeks simple moving average and the red line represents the 21 weeks exponential moving average. The best way to read the current value is to look at the weekly chart, but any time frame will display the same values.
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Smooth lines on non-weekly timeframes.
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Removed deprecated "color" attribute in "fill" function and changed "color" attribute accordingly.
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Fixed a bug where changing the indicator timeframe does not change the lengths of the moving averages.
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Bumped the version to v5.
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Fixed a bug where there is a gap between the latest indicator data and the chart's latest data on timeframes lower than weekly.
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Reverted last big fix since it is removed multi timeframe functionality.
@bbrujas, yes you are right! Thank you I will post an update soon.
fairtale
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To explain better: the indicator only shows up to the "last" week. However, right when it is loaded it displays the current week for a brief second. It would be nice to see current week data, even if those numbers are not set in stone yet.
zkdev
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@syberjj, just use the weekly timeframe for that because it's a Pine Script bug
fairtale
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@legroszach, oh ok, good to know. Does it make sense to post a bug-report about this on their reddit?
zkdev
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@syberjj, maybe it would be helpful for the multi-timeframes indicators like this one
First of all thanks for sharing your scripts, I came to yours while learning about trading, quite useful!
As per comments on pine, seems that transp function is about to be deprecated?
A correction that might work could be this:
"fill(smaPlot, emaPlot, color=color.new(color.orange, 75), fillgaps=true)"
Thanks for sharing!