Meandmymonkey2

Dot indicator - Daily candle opened above the daily EMA baseline


//@version=3
//Written by David Carruthers
//Objective
//This is to support scanning the market to check if the daily candle opened above the daily EMA baseline for a selected pair
//This can be done in some measure by using trading view's screening tools
//However it would be useful, if someone references a pair, to instantly see if that pair opened above the daily baseline regardless of what resolution you are in
//This script, works out a green dot if the pairs daily candle opened above the daily EMA baseline, and a red dot if it didn't
//It then displays a green or red dot on the open for the last candle you are looking at regardless of resolution
//This saves jumping back and forth between the daily resolution and current resolution

Note please excuse my Pine scripting I am new to it :-)

Release Notes: Brand new version of the Daily baseline script

There are now 2 x dots offset to the right

Left dot: Did the current daily candle open above the daily EMA baseline ?
Right dot: Did the latest candle in the current resolution open above the Daily EMA baseline?

This allows you to keep on an resolution, for example 1 hour, and if I see a green dot to the left and a red dot to the right, I can see that the daily candle opened above the EMA baseline, but the current hourly is below it.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

hey, I really love your indicator! I do have one problem, when i tried to backtest it using the tradingview replay option on the daily chart, your indicator turns in a constant horizontal line, I would really appreciate it if you could help me out, once again great indicator!
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