[NM] EMADiff v01 - an indicator for everyone !

Allright gang, we are here with a new indicator that should help you with determining the direction to trade or whether you should trade at all.
It uses the close of the candle and 2 EMAs.
The faster moving line is the difference between the close and the Slow EMA , while the slower moving line shows the difference between the Fast EMA and the Slow EMA .

There are a couple of ways you can use this indicator, depending on your trading style :

For the quick profit, in and out :
- enable the safer trading option and keep smoothing at the default setting, buy when both lines are green, sell when both line are red and get out when one of the lines changes color (or when profit target is reached) (see the top option)

For longer trades :
- you can increase the smoothing, use a higher Slow EMA and disable the Safer trading option, enter either when both lines have the same color, either on a crossover. (the bottom option)

In both cases, if both lines hover around the zero line, the trend is definitely not strong.

Much more options are available so I would love to hear how you use this indicator. A thumbs up if you like it would be highly appreciated :)

Works nicely together with my other indicators below :

To add this indicator (or any other) to your chart, click the "Add to favorites" button. Then while having the chart you wish to apply it to open, click on Indicators > Favorites > EMADiff v01 (or any other indicator that you favorited.
Açık kaynak kodlu komut dosyası

Gerçek TradingView ruhuyla, bu komut dosyasının yazarı açık kaynak olarak yayınladı, böylece yatırımcılar bunu anlayabilir ve doğrulayabilir. Yazara tebrikler! Ücretsiz olarak kullanabilirsiniz, ancak bu kodun bir yayında yeniden kullanımı Kullanım Koşulları tarafından belirlenmektedir. Bir grafikte kullanmak için favorilerinize ekleyebilirsiniz.

Bu komut dosyasını bir grafikte kullanmak ister misiniz?
// this code uses the difference between the close of a candle and the slow EMA on one hand
// and the difference between the slow EMA and the fast EMA on the other hand
// Use : if both lines color green : buy, if both lines color red : sell
// Advice : 
// - watch price action and eventual support/resistance to try and eliminate false entries
// - use an ADX indicator in order to determine what moves are backed by momentum
// - for safer entries wait till both lines are above zero for buying, below zero for selling
// You can select to smoothen both lines by enabling it in the settings
// You can adapt the EMA settings to your likings, higher EMAs will smoothen out more and thus show less color changes

study(title='[NM] EMADiff v01', shorttitle='EMADiffv01', overlay=false)
fastEMA = input(title = 'Fast EMA (default = 12)', type = integer, defval = 12)
slowEMA = input(title = 'Slow EMA (default = 26)', type = integer, defval = 26)
smooth = input(title='Smooth ? (default = Yes)', type=bool, defval=true)
smap = input(title='Smooth factor (default = 10)', type=integer, defval=10, minval=2, maxval=20)
sigma = input(title='Sigma default = 6)', type=integer, defval=6)
safer = input(title='Show safer trades (default = yes)', type = bool, defval = true)

emadiff = ema(close,fastEMA) - ema(close,slowEMA)
emadiffp = close - ema(close,slowEMA)

ep = smooth ? alma(emadiffp, smap, 0.9, sigma) : emadiffp
ef = smooth ? alma(emadiff, smap, 0.9, sigma) : emadiff
pcolor = safer ? (ep[0] > ep[1] and ef[0] > ef[1] ? green : ep[0] < ep[1] and ef[0] < ef[1] ? red : yellow) : ep[0] > ep[1] ? green : red
fcolor = safer ? (ef[0] > ef[1] and ef[0] > 0 ? green : ef[0] < ef[1] and ef[0] < 0 ? red : yellow) : ef[0] > ef[1] ? green : red

plot(title='EMA Difference', series=ef, style=line, linewidth=2, color= fcolor)
plot(title='Difference to close', series=ep, style=line, linewidth=2, color= pcolor)
plot(0,title='zero line', color= gray, linewidth=1)


Thank you for your useful indicator . I was trying something
+1 Cevap Gönder
Oh, I see, this is not a MT4 platform indicator. Thanks. I would not work I guess.
+1 Cevap Gönder
Nico.Muselle Ivan Ivanov0f
indeed, it's only for use on the TradingView platform :)
Cevap Gönder
Merci Nico, have a good one.
+1 Cevap Gönder
Great stuff :)
A suggestion : I would just change when it wants to goes up with another color, a blue color for example...If you see what I mean lol
+1 Cevap Gönder
You can freely choose your colors from the settings of the indicator, so have fun with it ;)
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Freeeze Nico.Muselle
Great :) Have a good one ;)
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Nico.Muselle Nico.Muselle
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Freeeze Nico.Muselle
AH I see, but what I meant was: 4 color states: orange, red, blue and green... when it tends to drop(orange), when it drops(red), when it tends to goes up(blue) and finally when goes up in green ;)
Is it actually possible? Need to change in pcolor and fcolor I guess...and add a few conditions in that part certainly, is it C language?
Cevap Gönder
it is definitely possible to add colors for different states, I myself prefer it to be simpler (I do not use the Safe setting) ... but there is a possibility to expand of course, You can always give it a try.
The script is pine script, you can find a reference for it here :
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