This indicator plots 50-period and 200-period exponential moving averages on the price chart while calculating money flow index and WaveTrend oscillators in the background.
Long signals trigger when price trends above the 200 EMA with a recent 50 EMA pullback, positive money flow, and an oversold WaveTrend bullish cross. Short signals require the inverse conditions. Inputs configure moving average lengths, pullback lookback window, money flow parameters, and WaveTrend smoothing periods. Signals display via chart labels and alerts, but the indicator provides no automated exit rules, stop losses, or take profits.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Short EMA Length
int
50
len1
Short EMA Source
source
close
src1
Long EMA Length
int
200
len2
Long EMA Source
source
close
src2
Pullback Lookback
int
10
lookback
MFI Period
int
60
rsiMFIperiod
MFI Area multiplier
float
150
rsiMFIMultiplier
MFI Area Y Pos
float
2.5
rsiMFIPosY
WT Channel Length
int
9
wtChannelLen
WT Average Length
int
12
wtAverageLen
WT MA Source
source
hlc3
wtMASource
WT MA Length
int
3
wtMALen
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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