Indicators: EMA levels
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EMA levels:
One of the usual "games" every trader is doing in the trading time is finding out a best stop loss value for the order currently active.
There are some good ways for dynamically doing that but the majority has one issue: they tend to try to guess the stop loss value to close to the current price value and frequently that causes (as it turns out afterwards) and exit too soon. This is an attempt to a slightly different approach.
Instead of being in a hurry to follow the price with the stop loss, this indicator is adjusting a proposed stop loss only when it notices a trend change in the opposite direction. That way, it keeps the level intact while trending, and adjusts it when it "sees" that there is a possible trend change) and gives bigger "room" for an order to survive possible whipsaws in trends. Also, since it is estimating a trend, this indicator displays the periods when there is a trend in different color(s) in order to make it easier to decided what to do.
Author: Mladen Rakic