Plotshape(buySignal, "Long", iangleup, location.belowbar, color = color.blue, size = size.small) If high ema_) and (low > ema_ or high < ema_) ? color.black : na) What Is the EMA The exponential moving average is a moving average that places an emphasis on recent prices. It will plot all such reversal like in this overlay=true) As compared to a simple moving average, an exponential moving. I have done a basic part of that without time checking etc. The exponential moving average or EMA gives higher weightage to more recent data points. If the low is below the previous low then you have to generate signal. Then you have to check each successive candle above ema, if its low is above the previous low. You will have to first find when is the first time a candle is having low above ema. What does EMA mean as an abbreviation 587 popular meanings of EMA abbreviation: No terms for EMA in Program. SL should be the HH(Highest high) of the candles which are away from the EMA.Īlso found out the candles whose close and low are away from EMA.īarcolor((close > ema_) and (low > ema_ or high < ema_) ? color.black : na) If the low of that farthest candle is broken take short enrty,if time is > 10.15 no entry to be If there are multiple candles far away from that EMA than consider that candle which hasįarthest low.(Ambiguity: havenot decided how much far way the low should be but it should not be Time 9:15 a.m to 10:15.a.m otherwise no entryĬandle low should be far away and above from the user input EMA (example 7EMA). I am very new to pine script and trying to generate an EMA mean reversion algo.
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