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EMA Aligned Pullbacks Screener

Mike
 Mike
(@vanguardai)
Co-Founder Admin

The strategy requires all EMAs (8,21 and 34) to be aligned and will trigger a buy signal if the closing price has pull backed in between EMA21 and EMA34. This strategy is very profitable for buying in uptrends but can sometimes lead to poor buy signals during very volatile sideways movements. A suggestion to increase the quality of buy signals is to use higher periods in the 3 EMAs. No sell signal is stated in this script and will leave it to the trader's discretion.

 

//EMA Aligned Pullbacks
set ema8 = ema(close,8)
set ema21 = ema(close,21)
set ema34 = ema(close,34)
set stacked = ema8 > ema21 and ema21>ema34

set buy = stacked and close < ema21 and close > ema34

plot(ema8,line,red,main)
plot(ema21,line,blue,main)
plot(ema34,line,green,main)
plot(buy,buy,green,main)
signals(buy,sell)

1630308035-Stacked-EMA.png
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Topic starter Posted : 30/08/2021 3:20 pm
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