OPEN-SOURCE SCRIPT
Pegasus Returns EMAs (Green Above, Red Below)
This indicator plots up to four customizable Exponential Moving Averages (EMAs) on the price chart, each with user-defined settings for visibility and period length. It is designed to provide a clear visual representation of bullish and bearish momentum based on the closing price relative to each EMA.
Key Features:
Custom EMA Periods: Easily modify the length of each EMA (default: 20, 50, 100, 200).
Dynamic Color Coding:
Green Line when the closing price is above the EMA (bullish signal).
Red Line when the closing price is below the EMA (bearish signal).
Toggle Visibility: You can choose to display or hide any of the four EMAs via checkboxes in the settings.
Overlay on Price Chart: EMAs are plotted directly on the candlestick chart for intuitive analysis.
Inputs:
Show EMA 1–4: Enable or disable each EMA.
EMA 1–4 Period: Set a custom period for each EMA (min 1).
Use Cases:
Identifying trend direction and strength.
Spotting dynamic support and resistance zones.
Entry/exit confirmation in trending markets
Key Features:
Custom EMA Periods: Easily modify the length of each EMA (default: 20, 50, 100, 200).
Dynamic Color Coding:
Green Line when the closing price is above the EMA (bullish signal).
Red Line when the closing price is below the EMA (bearish signal).
Toggle Visibility: You can choose to display or hide any of the four EMAs via checkboxes in the settings.
Overlay on Price Chart: EMAs are plotted directly on the candlestick chart for intuitive analysis.
Inputs:
Show EMA 1–4: Enable or disable each EMA.
EMA 1–4 Period: Set a custom period for each EMA (min 1).
Use Cases:
Identifying trend direction and strength.
Spotting dynamic support and resistance zones.
Entry/exit confirmation in trending markets
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.