Trend Colour Indicator (using two EMAs)

Hi,

I made simple indicator for trend detection. It is based on two EMAs, SLOW one and QUICK one.

Indicator detect UPTREND and has BLUE COLOR if quick EMA is above slow EMA and both are raising (actual value is greater than previous).

Indicator detect DOWNTREND and has RED COLOR if quick EMA is below slow EMA and both are sinking (actual value is smaller than previous).

In other way is indicator GRAY.

Indicator does not repaint past.
It is my first indicator and I place it to this forum to hear any reactions, e.g. which TF a EMA VALUES will be better.

Thanks for trying.

tx Welleard, sure looks good, I'm currently trading with something similar to this, but I leave the comments to those who actually use Metatrader at the moment. I will keep a keen eye on this thread

what ema value's are you using?

Well,

I think that this indicator IS NOT enough for trading. My opinion is that you need at least one more indicator, for example RSI oscilator to eliminate wrong signals.

Values: I am playing with different values, two long term emas looks good. Try 72 an 24 on 4H timeframe. It is nice for detection of trend and than you can trade on smaller TF in this direction. It looks pretty nice, I think.

What are your favorite periods? Have you got any ideas to make this indicator better?

I used to have either RSI14/Stoch5.3.3 to filter trades, but I can hedge on my trading platform and found that only the EMA's work well for me. I trade Daily's and use 5/10 ema with price to enter or exit.

I found problem, indicator starts to repaint itself and makes crazy lines. Sorry for that, I am gonna fix it.