This script is designed to help traders identify strong bullish conditions by providing a signal when three key confirmations align:
Price is Above the 15-period EMA: This shows that the price is trading above a short-term average, a sign of bullish momentum. RSI is Above a Threshold: The Relative Strength Index (RSI) is used to measure the strength of price movements. When RSI is above the user-defined threshold (default 50), it indicates bullish momentum and avoids overbought zones. Price is in an Uptrend: An uptrend is confirmed when there are both higher highs and higher lows over a specified lookback period. This ensures that the price structure supports upward movement. Key Features: Visual Alerts: A green label appears below the price bar whenever all three conditions are met, making it easy to spot trading opportunities. Customizable Settings: Adjust the EMA length, RSI threshold, and uptrend lookback period to match your trading style or timeframe. Versatility: Suitable for intraday, swing, or positional trading in trending markets. How to Use: This indicator is ideal for traders looking to confirm a bullish setup. Use it to:
Enter Trades: As confirmation for long positions when the signal appears. Validate Trends: Ensure conditions are favorable before committing to a trade. Combine with Other Strategies: Enhance your trading system by pairing it with volume analysis, candlestick patterns, or support/resistance levels. By combining these three confirmations, the script helps traders filter out false signals and focus on higher-probability setups, streamlining their decision-making process.
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