Using this script on lower time frames 15 min. 30 min. 1 hr . gives you early signals. However for too small time frames, large changes can occur in the price thus affecting the exponential moving averages very fast.
This strategy is explained by CryptoJack, which mentions it is a simple beginner strategy, but an experienced trader can certainly benefit from it because it brings ease. This script plots the EMA's with the periods: 8, 13, 21, 55. Then it looks when the EMA's are alined from smaller period to higher period (representing an uptrend). The moment this happens a green triangle appears at the buy point. When the opposite occurs an exit signal is given by showing a red triangle.
You can also manually create an alert for when the triangles appear.
Always use with cautious, keep an eye out after buy signal whether an uptrend is really forming (confirmation of the uptrend) looking for higher highs and higher lows.
For improvements, ideas or questions, please send me a private message.