5 EMA trend following

5 EMA indicator script for trend followers. Got tired of adding and editing 5 EMA indicators everytime when loaded a new pair.

And as a bonus, included a simple trend following system as per what from Rayner Teo and others. It can be found over at tradeview.com.

Some test result shows that on nice trending pairs like the EURUSD it did every well. On USDJPY it was ok,


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//  Copyright by Randalll.com v1.0 09/03/2016
//    This indicator provides 5 Exponential Moving Averages.
//    Works well on 1D,4H,1H TF
//    To be used with traditional trend following strategies.
//  Example
//    If 50/100/200 trending in same direction. Then buy/sell
//    with trend direction. Use PA, pinbar or news catalyst
//    for Entry signal.
//    Use 2x ATR for SL, set no TP. Ride the trend to the end.
//    Exit when 10 crosses 20, or 20 crosses 50
//    in volitile markets.
//    As always use at your own risk and stay awesome.
//    by randalll.com
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study(title="5X EMA Trend Follower", overlay=true)
short1 = ema(close, 10)
short2 = ema(close, 20)
long1 = ema(close, 50)
long2 = ema(close, 100)
long3 = ema(close, 200)
plot(short1, color = green)
plot(short2, color = red)
plot(long1, color = blue)
plot(long2, color = purple)
plot(long3, color = black)