This script is what I currently use to day trade forex on a 5-minute timeframe.
The script features Multi-timeframe EMA20 that uses timeframe multipliers and is smoother by the factor by which you're multiplying your current timeframe.
Default settings are set to display EMA20 on the current (M5) timeframe, as well as M15, H1, H4 and D1 timeframes.
The background color changes intensity based on how many conditions are met - are all EMAs in the right order, is the current close above/below all the EMAs.
Featured is also a range set to 1 hour since the London breakout (can be changed to M15, or however long you'd like - my current setting is 30 minute).
Also featured are levels that I find to be of most importance - such as Daily and Weekly Open, Previous Day's and Week's Highs.
The idea is to only take trades when all stars align - EMAs, break above/below the Opening Range and not to long/short into an important level.
(And it is similar to my own script plus ideas needed to implement...)
wryaleace
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Hi thanks for the indicator. I am a newbie and trying to understand the color code, correct me if i m wrong. Green = buy n red= sell? What emas do u use as i would like to set the alert. Or u can share the alerts setting u use. Much apreciated.
MBBT
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Thank you for sharing this. Seems nice and light even with these great features.
Genius ! Looks better each time i analyse it. Thanks
hundredtoamillion
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I'm working on an accompanying script that features Monthly and Weekly Opening Ranges as well as Monthly levels. These scripts compliment each other and add another level of understanding the market.
I just don't understand the colors ;)
(And it is similar to my own script plus ideas needed to implement...)