Dynamic Support & Resistance

13. Sept. 2018

This indicator paints the background of the chart between 2 EMAs when all 3 given EMAs are in sync.

The default settings are:

Long-term EMA: 200 Period.
Short-term EMA 1: 50 Period.
Short-term EMA 2: 20 Period.

So according to the default settings, when the 20EMA is above the 50EMA, and the 50EMA is above the 200EMA, the area between the 20EMA and the 50EMA will turn green. When the 20EMA is below the 50EMA, and the 50EMA is below the 200EMA, the area will turn red. When the EMAs are all over the place (ie. price is consolidating), the area will be painted white.

You can change the colors in the indicator settings menu. To remove the white background, change the transparency to 100%. Unfortunately pinescript does not allow you to do this using code, otherwise I would have made that a default feature.

Enjoy! Let me know if you have any questions.

Regards,
- Matt

13. Sept. 2018

Versionshinweise

Fixed EMA inputs being in the wrong order.

6. Nov. 2018

Versionshinweise

Minor improvements.

17. Feb. 2019

Versionshinweise

Minor improvements

17. Feb. 2019

Versionshinweise

Minor improvements

28. Sept. 2020

Versionshinweise

- Updated to Pine Script v4

14. Okt. 2020

Versionshinweise

Optimized code to be more efficient

1. Feb. 2022

Versionshinweise

Updated to Pine Script v5

10. Jan.

Versionshinweise

Updated to v6 pine script