ZenAndTheArtOfTrading

Dynamic Support & Resistance

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
הערות שחרור: Fixed EMA inputs being in the wrong order.
הערות שחרור: Minor improvements.
הערות שחרור: Minor improvements
הערות שחרור: Minor improvements
הערות שחרור: - Updated to Pine Script v4
הערות שחרור: Optimized code to be more efficient
סקריפט קוד פתוח

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

רוצה להשתמש בסקריפ זה בגרף?
My Resources Hub: https://theartoftrading.com
FREE YouTube Lessons: http://rebrand.ly/zyt
FREE Pine Script Basics Course: http://rebrand.ly/zpsbc
Pine Script MASTERY Course: http://rebrand.ly/zpsmc
My Indicators & Strategies: http://rebrand.ly/zmisc