TP - TimePeriod (1m,2m,5m,1h....)
TP Steps - 1m, 3m , 12m ,1h,5h,D (This steps i use)
Moving Average Exponential is a good indicator of Level. Giving us average price level in particular moment.
This script calculates and plots Moving Average with minute precision, even if you want to see 21 level from 1H chart.
So you can accommodate all important information on one chart with best precision.
Made for Intraday Perioads.
Best used for DayTrading, when you need to make quick and efficient decisions.
EMA_VTX = Preferred resolution * Length / Present resolution.
In addition to plotting EMA, you can quickly switch between SMA, , VWMA.
Resolution - Most used TP included, plus some exclusive paid plans (1m, 2m, 3m , 5m, 12m , 15m, 1h, 4h, 5h, Daily). Default set to 1h
Use - Bonus function for indicator. You can quickly switch type from EMA to SMA, ,VWMA
Length - standard function. Default set to 144
Offset - standard function. Default set to 0
Source - standard function. Default set to hlc3
Why to use it ?
Yes, i know that variable TP is standard now in TradingView. But there are some limitations, especially for DayTraders.
Imagine you are trading/scalping on 1m.. 5m.. 15.. charts and you want to see where are your Higher TP MAs.
-- You can change to 1h and check it, but you will loose the picture from smaller TP.
-- You can use Standard TP function, but your MAs data will update every 15m, 1h (depends on TP)
This script help to solve this problem, by breaking information down to 1m and building from there.
So whatever Intraday TP you choose to trade, your MAs will be updated with minute precision.
Sadly nothing without limitations.
1. You can experience "Reference too many candles in history" around 5K - This means that too many candles are used to plot MAs.
-- Quick fix: Reduce "Length" or Step down TP (best experience when projecting MAs 1-2 TP Steps up)
2. For Best performance use only Higher TP dividable By Yours (ex. You use 3m chart, then you can plot 12m , 15m, 1h / You use 5m chart, then you can plot 15m, 1h. 12m will already have 3m of information lost using 5m Chart)