Protrading Exponential Trend — Pine Script Indicator

Overview:

The Protrading Exponential Trend is a dynamic trend-following indicator designed to help traders identify market direction and potential entry zones using Exponential Moving Averages (EMAs). By analyzing price action in relation to adaptive EMA channels, this tool highlights trend strength and possible reversal signals, making it ideal for both scalping and swing trading strategies.

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Core Features:

• 🔄 EMA Channel Visualization:
  The indicator plots a channel based on high, low, and close EMAs, which expands and contracts with volatility to reflect trend dynamics.

• 🟢🟡 Signal Arrows:
  Buy and sell arrows appear when price action confirms momentum breakout beyond the EMA envelope with strong candlestick bodies.

• 🧠 Smart Trade Levels:
  Automatically generates Entry, Stop Loss (SL), and up to three Take Profit (TP1, TP2, TP3) levels based on customizable risk-reward ratios.

• 📊 Trend Zone Background:
  Displays shaded trend zones (EMA cloud) in real time to visually guide traders through trending and ranging phases.

• ⚙️ Customizable Parameters:
  Adjustable EMA length, TP/SL ratios, and other risk controls to suit individual strategies and market conditions.

How It Works:

1. EMA Calculations:
   The indicator calculates three EMAs — one each for the high, low, and close prices — to form a flexible price channel.

2. Breakout Detection:
   When price closes above the high EMA or below the low EMA, with strong body-to-wick ratio and enough volatility, a trend signal is triggered.

3. Risk-Reward Setup:
   Upon signal confirmation, the script plots the entry point, SL, and TP targets at defined multiples of the channel range.

Best Use Cases:

• Trend-following strategies (1m to 4H timeframes)

• Confirming breakouts beyond consolidation zones

• Scalping momentum with defined TP/SL levels

• Building confluence with RSI, MACD, or volume indicators

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Recommended Settings:

• EMA Length: 89 (default, tweak for responsiveness)

• TP Ratios: 3, 5, 7x channel height

• SL Ratio: 3x channel height