INMERESH

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INMERESH (INTRADAY MEAN REVERSION SHORT) – First 5-Minute EMA Breakdown Highlight

This indicator is designed to highlight bearish candles on the 5-minute chart that close below the 5-minute 6 EMA, providing a clear visual representation of the first EMA breakdown after short-term bullish activity.

Key Features:

Highlights the first bearish candle that closes below the 5-minute 6 EMA after prior conditions are met.

Only triggers after sufficient prior closes above the 5-minute 6 EMA, helping to visually potentially identify the transition from short-term bullish to bearish momentum.

Incorporates MACD (6, 20, 9) prior bearish check — the signal occurs only if the MACD was bearish in prior bars, giving context to the breakdown.

Candle filtering based on body characteristics:

Weak bearish closes are prioritized, based on body size relative to the total candle range.

Close position within the candle range is considered to focus on meaningful bearish closes.

Highlights only the first breakdown candle after the conditions are met, preventing repeated signals during ongoing downtrends.

Visual customization: background color highlights the signal candle for easy identification.

Inputs / Configurable Options:

EMA length for 5-minute chart

Number of bars to check for prior closes above EMA

Minimum prior closes above EMA required

Lookback bars for prior MACD bearish condition

Candle body filtering thresholds

Option to show or hide background highlight

Use case:

This tool is primarily a visual aid for analyzing 5-minute price action relative to short-term EMA and MACD conditions, emphasizing the initial bearish shift after short-term bullish activity.

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Sürüm Notları

INMERESH (INTRADAY MEAN REVERSION SHORT) – First 5-Minute EMA Breakdown Highlight

This indicator is designed to highlight bearish candles on the 5-minute chart that close below the 5-minute 6 EMA, providing a clear visual representation of the first EMA breakdown after short-term bullish activity.

Key Features:

Highlights the first bearish candle that closes below the 5-minute 6 EMA after prior conditions are met.

Only triggers after sufficient prior closes above the 5-minute 6 EMA, helping to visually potentially identify the transition from short-term bullish to bearish momentum.

Incorporates MACD (6, 20, 9) prior bearish check — the signal occurs only if the MACD was bearish in prior bars, giving context to the breakdown.

Candle filtering based on body characteristics:

Weak bearish closes are prioritized, based on body size relative to the total candle range.

Close position within the candle range is considered to focus on meaningful bearish closes.

Highlights only the first breakdown candle after the conditions are met, preventing repeated signals during ongoing downtrends.

Visual customization: background color highlights the signal candle for easy identification.

Inputs / Configurable Options:

EMA length for 5-minute chart

Number of bars to check for prior closes above EMA

Minimum prior closes above EMA required

Lookback bars for prior MACD bearish condition

Candle body filtering thresholds

Option to show or hide background highlight

Use case:

This tool is primarily a visual aid for analyzing 5-minute price action relative to short-term EMA and MACD conditions, emphasizing the initial bearish shift after short-term bullish activity.


Updated name of the indicator and changed default settings.

dün

Sürüm Notları

Update: Fixed 5-minute candles closing below the 5-minute 6 EMA and highlighting red when the MACD (custom 6, 20, 9) settings was not providing a bearish signal. Now the 5-minute candles which close in a bearish manner below the 5-minute 6 EMA should only highlight if the MACD bearish.

dün

Sürüm Notları

Update: Can now change the background opacity of the 5-minute candle being highlighted.