Indicator that shows buy/sell signals based on price action and volume as it relates to a double EMA. If the candle is above the double EMA, we look for candles with long wicks on the top indicating selling pressure. If the candle is below the double EMA , we look for candles with a long bottom wick indicating buying pressure. The user defined parameters are the length of the double EMA and the length of the volume moving average. Lower timeframes such as 5 minutes and lower are better off using lower lengths while higher timeframes should user higher lengths. Your mileage will vary.
Note, while this indicator can signal the beginning of long term trends, it will also signal minor retracements. Do not blindly buy or sell based on a signal appearing, pay attention to where the candle is in the overall trend and wait for confirmation to avoid losses.
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Chart update to show intraday.
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Changed default setting for showing the Double EMA and commented out plots that aren't needed.
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Made some updates for more granular control. There's now a spread you can choose for candles to determine what makes a candle large, an irregular body setting to determine what you consider to be an irregular candle spread on large volume. I also changed the default set up for intraday trading.
- Fixed bug with plot showing at bottom of the chart, which was squishing the entire chart.
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Added notes for the colors of arrows. Red and green candles denote strong market movement, purple arrows denote weakness and possible reversals.
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Removed candle color condition for more accurate results.
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Added check to make sure that we don't put two arrows on one candle.
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Finally got rid of the moving average separator. Purple arrows now mean small spread OR low volume with strong price action.
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Added the ability to remove irregular arrows from display to keep indicator more clean. Also changed default settings.
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Added high volume condition to irregular bodies.
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Updated chart
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Had to remove extra indicator for new chart
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Fixed bug that caused a buy arrow and sell arrow to show up at the same time.