I had seen something like this on metatrader but not here. Since I use TradingView and not metatrader had some fun with this. Indicates up or down for 4 chosen time Frames and as such helps to see the historical trend. Works best on daily or shorter charts because of load time.
User can choose the length of the two exponential moving averages used on each time frame or use defaults 9 and 15. User can choose the 4 time frames defaults are (display from top to bottom) 5, 15, 60 and D. Displays a column of 4 dots or circles for each bar of current chart the top being the shortest time frame. If the faster exponential moving average is above the slower (uptrend) the dot is green else red.
This is similar (actually what I was originally shooting for but took extra time to figure out time frames on here) to another script of mine that has the same display method but uses a spaced set of Hull Moving Averages on one time frame, you choose the shortest length and the space increment between the averages. One may work better than the other for different markets or trading styles. The other one is here: tradingview.com/script/NTlZUpwd-HMA-Comparison-Plot/ Have fun trading and keep smiling!
Works well when using additional price charts. Thank you
Tom1trader
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@Ghebre, You are welcome, thanks for commenting and happy trading!
chuckaschultz
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This is super helpful. What is nice is that it allows you to stay in a trade for a long period of time, as you can see the long longer term trend and not worry too much about a little dip and such. As the trend is saying all is good - stay in the trade.
Sir..this is script is really nice one and very useful one.
Could you please give us the same script using Hull moving average
Tom1trader
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@oyc000050, Sorry late in reading this. The moving average type is set in lines 24 and 25. Since this is public, make a copy, change ema to hma on lines 24 and 25 plus change the title text in line 2 from EMA to HMA then save it. It is an easy and good way to learn/practice editing scripts. While you are at it, after any save or when first copying it, you can update the script version (one level at a time). So it is now version3 - you can choose to update script to version 4 and then to version 5 in 2 steps by clicking the 3 dots in the upper right of the script editor and choosing the update (to next level [i.e. if script is v3 the choice will be update to version 4]). Sorry about late read/answer, thanks for the question and keep smiling!