Price - EMAs indicator shows the distance between the open candle's price and three different exponential moving averages (EMAs) in pips. The difference is projected in data window at a bottom of a chart. The indicator is compatible with all time-frames an all charts.
It is possible to have up to three different EMAs projected at the same time. To have less, simply choose the color of a drawn EMA to "none" in order to erase it. A function to add levels on an indicator window is also available. The feature allows for a more precise evaluation of the price difference.
One of the trade ideas could be an assumption that after a certain price rally from an exponential moving average, the price will need to take a "breather" and return back to the trending EMA. After some backtesting, the critical level range could be identified and placed on the indicator window as a resistive level. Also, if the EMAs fluctuate above a neutral 0 level, it could be assumed that the sentiment is to the bullish side and vise versa. A further combination of RSI or other indicators is also possible.
How to Install Price - EMAs indicator on MT4 Platform
How to install your indicator on MT4 platform:
1. Click on Download button below;
2. Save the file to your computer;
3. Move the .mq4 files into the following folder : meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “Price - EMAs”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: Price - EMAs indicator is developed by Inovance and was sent by an AtoZ Markets follower from Germany, Alfred. AtoZ Markets does not carry any copyrights over this trading tool.
Do you have a reliable indicator or EA? Would you like to share it with our users?