OPEN-SOURCE SCRIPT
Support/Resistance
Supertrend with EMA Cloud and Support/Resistance
Purpose: This script provides a comprehensive tool for technical analysis by combining multiple indicators, including Supertrend, EMA Cloud, support and resistance levels, and candlestick patterns.
Inputs:
atrPeriod: ATR (Average True Range) length for Supertrend calculation.
factor: Multiplier factor for Supertrend.
bcolor: Boolean to control bar color based on trend.
emaLength: Length for EMA calculation.
left: Number of bars to the left for pivot point calculation.
right: Number of bars to the right for pivot point calculation.
Supertrend Calculation:
The ta.supertrend function calculates the Supertrend, which helps identify the market trend and potential entry/exit points.
Direction: Determines if the market is in an uptrend or downtrend based on Supertrend values.
EMA Calculation:
EMAs are calculated on the closing, high, and low prices using the specified emaLength.
Trend Determination: Compares the closing price with the EMA to determine bullish or bearish trends.
Plot EMA Cloud:
Plots EMAs for high and low prices and fills the area between them with colors based on the trend:
Green for bullish trend.
Red for bearish trend.
Support and Resistance Calculation:
Uses pivot points to identify potential support and resistance levels:
hih: Pivot high values.
lol: Pivot low values.
top: Resistance level based on pivot high.
bot: Support level based on pivot low.
Plots these levels on the chart with distinct colors.
Engulfing Candle Detection:
Identifies and colors bullish and bearish engulfing candles in black.
Bullish Engulfing: When a candle completely engulfs the previous candle's body upwards.
Bearish Engulfing: When a candle completely engulfs the previous candle's body downwards.
Bar Colors Based on Trend:
Colors the bars green for an uptrend and red for a downtrend based on Supertrend direction and user preference (bcolor).
Example Visualization:
Supertrend: Visual indication of market trend with buy and sell signals.
EMA Cloud: Colored cloud between high and low EMAs, changing colors based on trend direction.
Support and Resistance: Horizontal lines indicating potential levels of support and resistance.
Candlestick Patterns: Highlights significant engulfing patterns for additional trading insights.
Purpose: This script provides a comprehensive tool for technical analysis by combining multiple indicators, including Supertrend, EMA Cloud, support and resistance levels, and candlestick patterns.
Inputs:
atrPeriod: ATR (Average True Range) length for Supertrend calculation.
factor: Multiplier factor for Supertrend.
bcolor: Boolean to control bar color based on trend.
emaLength: Length for EMA calculation.
left: Number of bars to the left for pivot point calculation.
right: Number of bars to the right for pivot point calculation.
Supertrend Calculation:
The ta.supertrend function calculates the Supertrend, which helps identify the market trend and potential entry/exit points.
Direction: Determines if the market is in an uptrend or downtrend based on Supertrend values.
EMA Calculation:
EMAs are calculated on the closing, high, and low prices using the specified emaLength.
Trend Determination: Compares the closing price with the EMA to determine bullish or bearish trends.
Plot EMA Cloud:
Plots EMAs for high and low prices and fills the area between them with colors based on the trend:
Green for bullish trend.
Red for bearish trend.
Support and Resistance Calculation:
Uses pivot points to identify potential support and resistance levels:
hih: Pivot high values.
lol: Pivot low values.
top: Resistance level based on pivot high.
bot: Support level based on pivot low.
Plots these levels on the chart with distinct colors.
Engulfing Candle Detection:
Identifies and colors bullish and bearish engulfing candles in black.
Bullish Engulfing: When a candle completely engulfs the previous candle's body upwards.
Bearish Engulfing: When a candle completely engulfs the previous candle's body downwards.
Bar Colors Based on Trend:
Colors the bars green for an uptrend and red for a downtrend based on Supertrend direction and user preference (bcolor).
Example Visualization:
Supertrend: Visual indication of market trend with buy and sell signals.
EMA Cloud: Colored cloud between high and low EMAs, changing colors based on trend direction.
Support and Resistance: Horizontal lines indicating potential levels of support and resistance.
Candlestick Patterns: Highlights significant engulfing patterns for additional trading insights.
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Feragatname
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