Ema Breakout Trend
Description
The Ema Breakout Trend indicator is a technical analysis tool for NinjaTrader 8 that is based on the Ema Breakout Trend HL indicator. This indicator shows a histogram instead of the upper and lower levels and provides a more simplified view of the trend direction.
The histogram is generated using three plots: TrendUp, TrendDown, and NoTrend. When a valid uptrend is identified, TrendUp equals 1. When a valid downtrend is identified, TrendDown equals 1. When no valid trend is identified, NoTrend equals 1.
Similar to the Ema Breakout Trend HL indicator, the Ema Breakout Trend indicator has two parameters: Period and Trend Type. The Period parameter allows the user to adjust the length of the exponential moving average (EMA) used in the calculation of the trend direction. The Trend Type parameter allows the user to select the way in which the indicator operates, using two options: Close and Touch. If the user selects Close, the indicator will only consider the breakout valid if subsequent bars close outside the broken level and do not close back inside. If the user selects Touch, the indicator will consider the breakout valid if subsequent bars do not touch or close back inside the broken level.
The Ema Breakout Trend indicator provides traders with a quick and easy way to identify trend direction and potential trading opportunities. The histogram view is a useful way to simplify the information provided by the Ema Breakout Trend HL indicator, and the customizable parameters allow the user to adjust the tool to their individual trading strategy and preferences. Overall, the Ema Breakout Trend indicator is a valuable tool for technical analysis and can help traders identify trends and potential breakout points in the market.
Parameters
Period: Period of the EMA used in the calculation of the levels
Trend Type: This parameter allows the user to select the way in which the indicator operates, using two options: Close and Touch. If the user selects Close, the indicator will only consider the breakout valid if subsequent bars close outside the broken level and do not close back inside. If the user selects Touch, the indicator will consider the breakout valid if subsequent bars do not touch or close back inside the broken level.
Plots
TrendUp (double): 1 if the trend is up (otherwise 0).
TrendDown (double): 1 if the trend is down (otherwise 0).
NoTrend (double): 1 if there is no trend (otherwise 0).