This indicator comes from Rob Booker 5, 13 and 62 EMA Trend Trading system. I do not own, nor make any claim of this system, nor do I charge anyone money for this system.
What I did: 1. hard coded ema 5/13/62 into one indicator 2. made ema 62 turn green when ema 5 is above ema 13 and both are above ema 62 (this suggest there's a trend up) 3. made ema 62 turn red when ema 5 is below ema 13 and both are below ema 62 (this suggest there's a trend down) 4. made ema 62 turn yellow when ema 5 is between ema 13 and 62 (this might suggest there's a pullback or reversal) 5. made barcolor turn green when ema 5 is above ema 13 6. made barcolor turn red when ema 5 is below ema 13 7. filled ema background green when ema 5 is above ema 62 8. filled ema background red when ema 5 is below ema 62
Note: market is either trending OR consolidating consolidating market can be recognized when ema 5/13 are spiraling around ema 62 trending market can be recognized when ema5/13 are gapping above or below ema 62
Note: I have used this indicator on Forex only. I have no experience with stocks nor bitcoin with this indicator.
Purpose: Helps trader to determine weakness in strength, which might result into a pullback or reversal. (see point 4 and 5) Helps trader to determine start of a trend. Helps trader to determine if you're in a trending or consolidating market.
Note: Strongly recommend to read the 5/13/62 pdf. Strongly recommend to use it with multi timeframe analysis for better entry Strongly recommend to pair this indicator with other momentum oscillators
Note: To be able to show Candle colors correctly, go to settings on your chart, tab symbols, uncheck borders.