Support Resistance & Ema

9 May

The "Support Resistance & Ema" indicator combines various strategies to assist traders in identifying significant support and resistance levels on the chart and in following trends through exponential moving averages (EMA). This script is designed to be versatile and useful in different trading strategies.

Key Features:

Support and Resistance: It utilizes pivot highs and lows to pinpoint support and resistance levels. These levels are plotted on the chart with lines that change color based on trend reversals.
Trend Identification: The indicator follows trends using four conditions:
_hh: Higher highs and higher lows, indicating an uptrend.
_ll: Lower highs and lower lows, indicating a downtrend.
_hl: Higher highs and lower lows, indicating weakening uptrend or an impending reversal.
_lh: Lower highs and higher lows, indicating weakening downtrend or an impending reversal.
Exponential Moving Averages (EMA): It also displays various EMAs (9, 21, 50, 100, 200) on the chart to provide further insights into the trend direction.
Usage:

Support and Resistance: Support and resistance lines are automatically plotted on the chart. Trend reversals are highlighted by changing the color of the lines.
Trend Identification: The _hh, _ll, _hl, _lh conditions help identify trend changes. When one of these conditions is met, it indicates a particular configuration of highs and lows that might suggest a trading opportunity.
Exponential Moving Averages (EMA): The EMAs are plotted on the chart and can be used to confirm trends identified by the main indicator.
To use this script, you need to add it as an indicator to your trading chart. Once applied, the support, resistance lines, and EMAs will be visible on the chart, providing traders with valuable information to make informed trading decisions.

In summary, this script offers a comprehensive way to identify significant support and resistance levels, spot market trends, and confirm those trends through the use of exponential moving averages.