The Double Layer Bollinger Bands with Long EMA Indicator is a powerful tool designed to provide traders with valuable insights into market trends. This Pinescript indicator combines two standard deviation lines and a long exponential moving average to help traders identify potential buy and sell signals.
The two standard deviation lines create an upper and lower band that moves with market price, while the long exponential moving average acts as a basis line. The sensitivity of the indicator can be adjusted by changing the standard deviation multiplier. This makes it suitable for traders of all levels.
Traders can also offset the indicator to better fit their chart and customize its appearance by selecting from a range of color options. This versatile indicator is an essential tool for any trader looking to make informed trades with confidence.
How This Indicator Can Be Used In A Profitable Trading Strategy
The Double Layer Bollinger Bands with Long EMA Indicator can be used as part of a profitable trading strategy in several ways:
- Trend identification: The long exponential moving average acts as a basis line, which traders can use to identify the overall trend of the market. If the market is in an uptrend, the price should remain above the moving average. In a downtrend, the price should remain below the moving average.
- Overbought/oversold signals: The upper and lower bands can be used to identify overbought and oversold conditions. If the market is overbought, the price should be near the upper band, and if the market is oversold, the price should be near the lower band.
- Breakout signals: When the price breaks through the upper or lower bands, it can signal a potential trend reversal. Traders can use this information to enter or exit trades accordingly.
- Range trading: The bands can also be used to identify potential support and resistance levels. Traders can use these levels to set stop-loss and take-profit orders and trade within a defined range.
First Of Many Indicators
The The Double Layer Bollinger Bands with Long EMA Indicator is the first indicator that we have produced. It’s simple, and was a good way to get into learning the basics of Pinescript. We are already in the works of creating our first advanced indicator with this as the base, but adding in a whole lot of cool stuff.
This indicator will be sold as code that only can be accessed with an NFT that we will be selling directly on the Coin Logic website using the Unlock Protocol. We will start with Polygon and BSC as they are cheaper on gas and expand to Ethereum and other chains after we have made some other sales.
We are excited to get into this journey of learning to create awesome indicators and strategies that people can use in their trading playbook to pull money out of these markets!
Click here to go to the indicator description on TradingView and add it to your charts today!
Nothing said is financial advice.
This is for educational and recreational purposes only!
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