legroszach

Bull Market Support Band (20w SMA, 21w EMA)

This moving average indicator is a bull market support band. It's significance comes from the previous bull runs where the price was bouncing off or riding from a distance the support band until the end of the market cycle. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band.

The green line represents the 20 weeks simple moving average and the red line represents the 21 weeks exponential moving average . The best way to read the current value is to look at the weekly chart, but any time frame will display the same values.
Release Notes: Smooth lines on non-weekly timeframes.
Release Notes: Removed deprecated "color" attribute in "fill" function and changed "color" attribute accordingly.
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

Hi!

First of all thanks for sharing your scripts, I came to yours while learning about trading, quite useful!

As per comments on pine, seems that transp function is about to be deprecated?

A correction that might work could be this:

"fill(smaPlot, emaPlot, color=color.new(color.orange, 75), fillgaps=true)"

Thanks for sharing!
+1 Reply
legroszach bbrujas
@bbrujas, yes you are right! Thank you I will post an update soon.
Reply
Thanks
+1 Reply
legroszach themanmikee
@themanmikee, you're welcome!
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This looks very promising!
+1 Reply
pretty good
+1 Reply
Brilliant!
+1 Reply
***CORRECTION OF DESCRIPTION***

The green line represents the 21 weeks exponential moving average and the red line represents the 20 weeks simple moving average not the other way around.

Thanks
Reply
GMoneyTree legroszach
@legroszach, you should correct it in the original, if you are the real McCoy
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legroszach GMoneyTree
@GMoneyTree, This is not allowed by TradingView after 15 minutes of posting.
Reply