1 - the Zero-Lag line is color-coded, to provide an early visual alert that momentum is fading, and the trend direction may change soon
2 - better colors for the ribbon :) - for the visually-oriented folks like me :)
3 - i added two optional EMAs that can be utilized as filters for the longer sentiment - to help a trader take positions only in the direction of the prevailing trends. note that these 2 lines will be hidden by default until selected in the settings - to avoid clutter. Set to 30 and 50 by default but these lengths can be changed as needed
4 - code is open and commented
If you need to learn how we create the zero-lag moving average, pls refer to the "TA Basics" series - and if you need to learn more about how the Ribbon works, pls read the Ribbon v1 post
hope this is useful in your trading - and good luck!
Feel free to customize the alert message to your convenience.
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.