Script show fractals on chart when price retest after breaking Exponential Moving Average.
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Previous version is based on fractals which are somewhat lagging because it take 4 candle to form. Current version just uses source data to define Retest
Default Setting: (1)Uses Simple Moving Average(SMA) => You can calculate based on Exponential Moving Average(EMA) by Enabling it (2)Moving average period = 20 period (3)Shows only correct retest candle => You can enable All retests and EMA/SMA Breakout candle
Note: consider MA = EMA/SMA
Condition for Correct Retest: (1)Previously MA Breakout (2)No MA breakout between retest and considered MA breakout (3) if MA breakout happens it will reset
Interpretation: Current setting only show correct retest candle. (1)Green Background = Correct Up Retest from MA (2)Red Background = Correct Down Retest from MA
You can enable MA Break candle Background. (1)Blue Background = MA UpBreak candle (2)Orange Background = MA DownBreak candle
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Cleaner code with condition added to remove overlapping EMA and retest signal.
Could you make this set an alarm and notify you when we get a clean Break and retest above or below the EMA ( I only use EMA's) on any forex pair or stock?
Could we change the EMA setting so we have the retest of our own ema setting (50 ema , 200 ema etc)
pitlordinvesting
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@capitalhub2, code is free, you can easily do it!👍
Could we change the EMA setting so we have the retest of our own ema setting (50 ema , 200 ema etc)