Moving Average Stoplight
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Description
- Draws Red/Green "stoplight" dots based on the distance of the active bar from a user defined Moving Average. It provides a quick visual warning that a trend move may be over and that there may be an opportunity for mice a counter-trend move back to the moving average.
- This indicator prints a large Red or Green dot based on a user defined distance of the active price bar from a user defined Moving Average. The user defines the max number of ticks for the threshold level. If the current price is closer than the threshold, then the dot is Green. If the current price is farther than the threshold, then the dot is Red.
Key Features
- Choose if stoplight dots appear above/below price bars or as a moving average line
- Choose from a wide range of Moving Average types to choose from: EMA, SMA, TEMA, TMA, WMA, HMA, LinReg, VWMA
- Define the period of the moving average
