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Indicator · Pine Script v5 · On the chart
MehdiJangjou - BullMarket Support Type 2
The script calculates two exponential moving averages with 21 and 34 periods and plots them on the price chart.
Archived by its author
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code24
Settings0inputs
LicenceMPL-2.0
Last update4 years ago28 Dec 2021
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
24 lines of Pine Script v5 from MJ_Bull_Market_Support_Band_Type02.pine, published under MPL-2.0. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// Author: Mehdi Jangjou
// © mehdijangjou
//Description: Best Performance on Weekly Timeframes in Crypto Market
// Also, this support band works best in detecting Bear Market
//@version=5
indicator(title='MehdiJangjou - BullMarket Support Type 2', shorttitle='MJ Bull Support 2', overlay=true)
// Calculate moving averages
fastMA = ta.ema(close, 21)
slowMA = ta.ema(close, 34)
//Colors
fastMA_color = color.new(color.green, 35)
slowMA_color = color.new(color.red, 35)
// Plot values
plot1 = plot(series=fastMA, color=fastMA_color, linewidth=2)
plot2 = plot(series=slowMA, color=slowMA_color, linewidth=2)
color fill_ma = fastMA > slowMA ? fastMA_color : slowMA_color
fill(plot1, plot2, color=fill_ma, title='Fill', transp=90)
Overview
MehdiJangjou - BullMarket Support Type 2 fills the area between them in a color that changes from green to red based on whether the fast MA is above the slow MA. This creates support bands for long-term bull and bear market analysis in crypto assets. The indicator performs best on weekly timeframes with no user inputs. It draws directly on the price chart as an overlay.
- exponential moving averages
- support bands
- bull bear market detection
- weekly analysis
- price chart overlay
Details
Published by
mehdijangjou on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Moving averages, Trend, Support & resistance
Markets
Crypto
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
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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