The EMA Regime Filter is a custom indicator, designed to identify and visualize different market regimes based on the relationship between price action and an Exponential Moving Average (EMA).
✦ KEY FEATURES
Identifies four distinct market regimes: Strong Bullish, Weak Bullish, Strong Bearish, and Weak Bearish
Uses a current/higher timeframe for calculations to reduce noise
Incorporates ATR (Average True Range) to determine significant price moves
Includes an inactivity timer to revert to a neutral state after periods of low volatility
Visualizes the regime through bar colors and candle plots
✦ INPUT PARAMETERS
Source Timeframe: The timeframe used for calculations (default is the chart's timeframe)
ATR Threshold For Significant Move: Multiplier for ATR to determine significant price moves (default: 0.5)
Inactive Regime Period: Number of periods of inactivity before reverting to neutral (default: 10)
EMA Length: Period for the Exponential Moving Average calculation (default: 22)
✦ HOW IT WORKS
Higher Timeframe Data: The indicator requests data from a higher timeframe specified by the user.
Significant Move Detection: Calculates ATR and multiplies it by the user-defined threshold. Compares the body width of each candle to this threshold to determine if it's a significant move.
EMA Calculation: Computes an EMA based on the user-defined length.
Regime Determination: Strong Bullish (2): Significant bullish move above EMA Weak Bullish (1): Transitioning from bearish, but still above EMA Strong Bearish (-2): Significant bearish move below EMA Weak Bearish (-1): Transitioning from bullish, but still below EMA Neutral (0): After a period of inactivity or at the start
Regime Transitions: The indicator tracks the current regime and updates it based on new significant moves and the price's relation to the EMA. An inactivity counter reverts the regime to neutral if no significant moves occur for the specified period.
Visualization:
Bar colors change based on the current regime (lime for bullish, red for bearish, white for neutral).
The intensity of the color indicates the strength of the regime.
✦ USING THE INDICATOR
Add the indicator to your TradingView chart.
Adjust the input parameters as needed: Increase the ATR threshold for fewer but more significant regime changes. Adjust the inactive period to change how quickly the indicator reverts to neutral. Modify the EMA length to suit your trading timeframe.
Observe the changing bar colors to identify the current market regime.
Use the regime information to inform your trading decisions, such as:
Looking for long opportunities in bullish regimes
Considering short positions in bearish regimes
Being cautious or staying out of the market during neutral regimes
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