VXN EMA Band

This indicator is based on other open source scripts. It's designed for Nasdaq futures (NQ or MNQ). It plots an EMA Band consisting of three exponential moving averages (EMAs) with a period of 96, each using a different price source: low, (high + low + close)/3, and high. The EMAs are colored to indicate their source: darkest turquoise for the low-based EMA, medium turquoise for the (high + low + close)/3-based EMA, and lightest turquoise for the high-based EMA. This visual distinction helps traders identify price trends relative to these key levels.

The indicator also includes background coloring based on the VXN index direction (using CBOE:VXN) to highlight bullish or bearish market conditions. A bullish trend is suggested when the EMAs are aligned (EMA-High above EMA-Mid above EMA-Low) and the VXN EMA is below its SMA, indicated by a green background. A bearish trend is suggested when the EMAs are aligned (EMA-High below EMA-Mid below EMA-Low) and the VXN EMA is above its SMA, indicated by a red background.