OPEN-SOURCE SCRIPT
Price Deviation from EMA
This script creates a chart that tracks a stock's price as a percentage deviation from its EMA. Here's what it does:
Creates a standalone indicator (not overlay) that shows the percentage deviation
Calculates the EMA based on your chosen length (default 200 periods, can be modified)
Plots the percentage deviation from this EMA as a red line
Shows the EMA itself as a horizontal blue line at 0% (the baseline)
Adds horizontal reference lines at +/-5% and +/-10% deviations
Includes labels showing the current deviation percentage and EMA information
Creates a standalone indicator (not overlay) that shows the percentage deviation
Calculates the EMA based on your chosen length (default 200 periods, can be modified)
Plots the percentage deviation from this EMA as a red line
Shows the EMA itself as a horizontal blue line at 0% (the baseline)
Adds horizontal reference lines at +/-5% and +/-10% deviations
Includes labels showing the current deviation percentage and EMA information
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.