One more custom indicator added to our Interactive Live Charts and EOD Charting section. The 5 EMA high low indicator is a simple trend following strategy that can be practiced on Hourly, EOD and Weekly timeframes to gauge the overall trend in the market.
Trading Rules
1)If the stock/Index trading above 5 EMA(High), trend is expected to be up with support at 5 EMA(High)and next level of support comes near 5 EMA(low)
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2)If the stock/Index trading in between 5 EMA(low) and 5 EMA(High) trend is expected to be rangebound between 5 EMA high and 5 EMA low with resistance at 5EMA(high) and suppport at 5 EMA (low)
3)If the stock/index trading below 5 EMA(low) then price is expected to be trend lower with resistance at 5 EMA low and next level of Resistance comes near 5 EMA(High)
How to Apply the Indicator?
1) Goto Interactive Charts (EOD or Live Charting Section)
2) Open your favorite stock/index/currency
3) Right click over the chart -> Insert Indicator
4) Search for EMA High-Low in the search box
5) Apply the Indicator
6) Provision has been provided to change the EMA value as shown below
Tradingview Pinescript Code (see the Pine Script documentation)
Amibroker Users download 5EMA High-Low Strategy Code here
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hello ,
its still not a complete trading system . there is no sl /targets of any kind .
i request the site owner to also make a template ( afl ) for the same ( can be taken from turtles or any other variation there of ) esp on eod
rgds
sumit
Sumit there are limitations in the charts at this point. The above indicator request is from couple of readers who are using this as a trading system. Especially the longer timeframe ones. Quite popular though to guage the long term trend. Not sure how traders could benefit from it but it make sense for investors.
Sir, good eve, is this charts give results in mcx?