8 EMA and 20 EMA

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This Pine Script is designed to plot two Exponential Moving Averages (EMAs) on the chart:

8-period EMA (Blue Line):

This is a faster-moving average that reacts more quickly to recent price changes. It uses the last 8 periods (bars) of the price data to calculate the average.
It is plotted in blue to distinguish it from the other EMA.
20-period EMA (Red Line):

This is a slower-moving average that smooths out the price data over a longer period of time, providing a better indication of the overall trend.
It is plotted in red to visually differentiate it from the 8-period EMA.
Key Features:
Version: This script is written in Pine Script version 6.
Overlay: The EMAs are plotted directly on the price chart, allowing for easy visualization of the moving averages relative to the price action.
Visual Appearance:
The 8-period EMA is displayed with a blue line.
The 20-period EMA is displayed with a red line.
Both lines have a thickness of 2 to make them more prominent.
Purpose:
The combination of these two EMAs can be used for trend analysis and trading strategies:
A bullish signal is often seen when the faster (8-period) EMA crosses above the slower (20-period) EMA.
A bearish signal is typically generated when the faster (8-period) EMA crosses below the slower (20-period) EMA.
Traders use these EMAs to help determine market trends, potential entry points, and exit points based on crossovers and price interactions with these moving averages.