This indicator is to show MA Support/Resistance and trend of a stock.
It contains three (3) Moving Averages that can be set to SMA or EMA: 1. Upper Line: SMA 5 (default) 2. Lower Line: SMA 20 (default) 3. Support/Resistance Line: SMA 10 (default)
Other signals: 1. Bull and Blue Dotted Line signal: Upper Line (SMA 5) crossover with Lower Line (SMA 20). 2. Bear and Red Dotted Line signal: Lower Line (SMA 20) crossover with Upper Line (SMA 5). 3. Red Triangle signal: Price closes below Support/Resistance Line (SMA 10). 4. Green Bar signal: Price breaks Support/Resistance Line (SMA 10).
The way how I use it: - Since I don't like my chart to be crowded with a lot of moving averages, I will disable SMA 5 and SMA 10 and will only leave SMA 20 as my final support line. - Entry when only: 1. Bull signal appeared. 2. Green bar appeared, or; 3. Price rebound on SMA 20.
I let the script open so that you guys can custom it based on your own preferences. Hope you guys enjoy it.