Welcome to Viperz Super Mix v2.0!!!
v2.0: Added source as an input, so the default value can be changed. I also Added a full description of Viperz Super Mix below.
I have created a multi-layered chart indicator, called Viperz Super Mix. This is used to measure momentum of market trends. I had Bitcoin/Crypto trading in mind while creating it. Here is a breakdown of the different moving averages included, their default values and the reasoning behind why they were chosen.
First, we have the most reactive , which is a , or . The smooths price fluctuations and filters out more than a traditional . Therefore, I have chosen that as the green line which will be nearest to the current price. I used here, so it will help filter out some of the noise on the most reactive on this indicator. I have chosen 7 as the default for length, since that is a week. I chose the color green because I am using a stop light theme to make it easy for myself, and hopefully, for others to remember. All you have to remember for color order is Green > Yellow > Red. If the green is above yellow and yellow is above red lines, then current trend is .
Secondly, we have the next most reactive , which is a , or . The is a fast-acting moving average that is more responsive to market changes than a traditional moving average. The and will react with each other the most on the charts, since their default values are nearest each other and use smaller lengths. I chose them to be the first 2 EMAs, in a "reverse order", so that the noise filtering is done slightly more on the shorter EMAs with more . I chose 14 as default on the , since that is 2 weeks. I choose the color yellow to stick with my stop light theme (green better then yellow better than red).
Third, we have a less reactive regular , set at length 21. This represents 3 weeks and uses the color red. If green and yellow are below the red lines, then the trend is .
Lastly, I included the 50 day and 200 day EMAs, because they very commonly used for Bitcoin trading. I could try to explain it, but they do a better job of explaining why 50 and 200 day EMAs are used if you check this article here: https://cointelegraph.com/news/how-to-tr...
The color chosen for the 50 day was white and 200 day was blue. This is also so it's easy for me to remember (America, red, white and blue). Here is the full color scheme order: Green, Yellow, Red, White, Blue.
*** Just remember traffic lights first on smaller time frames (1 - 4 Hour time frames) and American flag for larger time frames (Daily to Weekly time frames) and you'll be recognizing the color scheme easily at a glance in no time!
If you don't agree on any of the default values I have chosen, then I have made it so you can change the length or source input values to anything you want for each moving average. You can also adjust the coloring and size of the EMA's bands.
If you find different default values that you like and you want me to make a special version for you, please send me a personal message. I appreciate the likes and follows. :)
TLDR: This should be used as a while market trading. The easiest way to remember how to recognize the market trend using my color scheme is to think of a stop light. Green, yellow, then red. The last are red, white and blue, like the American flag. If the order of the colors is green, yellow, red, white, blue, then the market is strongly trending . It is opposite for . Traffic lights (green/yellow/red) work the best on smaller time frames (Hourlys) and American flag (red/white/blue) for larger time frames (daily-weekly). All default input values and sources can be changed for each .
Thank you, enjoy!