Price action indicator wanted

Hi, guys, I'm looking for a PA indicator as follows in the picture

3 EMA 8 13 21 lined up up or down
I trade 1 hour and look to 4 hours if 13 and 21 are in the same direction as 1 hour if yes ok to trade

if you trade on 5 min or 15 min look to 1 hour

if the price goes into the EMA (pull Back) count 5 bars back take high and low if downtrend take low up take high the distance between both is TP1

TP2 if the price hits middle EMA. Stoploss is the opposite of the 5 candle high or low

NB there was a 2nd entry in the same downtrend

My question is there any indicator available or programmable that give a red or green arrow in the direction of the 3 ema with alert I'm not looking for an EA coz i want to decide myself to enter or not

why do you use 8 13 and 21 EMA (and not 7 12 and 22)?
why do you count back 5 bars (and not 4 or 6)?
do you have any sort of rational explanation for this (seemingly random) choice?

Because they are fibonacci numbers.

Hi ,

its a strategy I picked up from the net 4-5 months ago and I backtested it on demo and live made money with it the difference of ema as you mentioned won't make any difference in results the back bars neither coz this is a trend following strategy that follows a higher time frame trend. if the trend on H4 is down the trend on H1 must be down too the 3 EMA must be lined up down or up not entangled that's important not 8 or 9 some candlestick knowledge is also important if one got an engulfing, pin bars, pattern means an even stronger signal if there is a reversal pattern don't take the trade that's why I'm not asking for an EA just an indicator that gives signals (arrow) and alert would make life easier if one is scanning 10 currency crosses


there are several videos on youtube feel free to watch them

if there is a coder which can code this indicator pls drop me a line

try this one:
https://www.forexfactory.com/showthr...0#post12596410

The Fibonacci Sequence is the series of numbers: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34...
So why should EMAs based on F work better in predicting trend than any other?
Example:
say EMA5 closely follows the actual price movements on your trading TF.
Wouldn't it be more sensible - if you want to emulate higher TFs - to then use multiples of 5?
i. e. trading TF H1 (EMA5)
reference TF H4 (EMA20)

thanks for the link well any kind of good approach can be profitable I used to use multiples but now i have a quick look at the H4 where trends are easier to spot
and avoid ranging market .

Here you go Charlie try this

Hi Burnrunbber thanks a lot


no need indicator anymore futurespec already coded one for me

No worries have you dabbled with an EA for the strategy?

Do you still trade this way? Good results?

Thanks

the system works good and its profitable andrew explains it well on his youtube videos

i dont have an EA for it i doubt if it would work sometimes i ignore signals near higher TF sup and res

how to build in an EA ?