Distance/Range from two MA's Help

[METAL]

@Svanoy , You helped me with a similar request. (https://usethinkscript.com/threads/pullback-after-ema-crossover.16891/#post-132591) however, I am trying to create a watchlist or scan that will let me know which stocks have the 20 EMA and the 200 EMA at a close proximity. I have been having a great trading success when I find a stock where the 20 and 200 EMA's are pretty close and if price moves above or below them is the entry.
If any other coders would like to help, I would greatly appreciate it. The distance in the TSLA example is around .50.

 

[METAL]

I got it. Getting a little better . If anyone else uses the Oliver Valez trading strategy, You may want to use this for the better entries.

# Distance between 20 EMA and 200 EMA indicator with background coloring
input fastLength = 20;
input slowLength = 200;
input distanceThreshold = 00.60;  # Adjust this value as needed

def fastEMA = ExpAverage(close, fastLength);
def slowEMA = ExpAverage(close, slowLength);

def emaDistance = AbsValue(fastEMA - slowEMA);

# Color the background based on the distance between EMAs
AssignBackgroundColor(if emaDistance <= distanceThreshold then Color.CYAN else Color.BLACK);

# Plot the EMAs on the chart
plot FastEMAValue = fastEMA;
plot SlowEMAValue = slowEMA;

# Add labels for better visualization
#AddLabel(yes, "Fast EMA: " + Round(fastEMA, 2), Color.CYAN);
#AddLabel(yes, "Slow EMA: " + Round(slowEMA, 2), Color.yellow);
AddLabel(yes, "EMA Distance: " + Round(emaDistance, 2), Color.GRAY);

 

[METAL]

Can someone please help me with adding a Cyan cloud on chart when the two ma's get within specified range. I have the range/distance set to .60 but is can be adjusted. Thanks in advance. @halcyonguy @Svanoy @SleepyZ @samer800 @BenTen

# Distance between 20 EMA and 200 EMA indicator with background coloring
input fastLength = 20;
input slowLength = 200;
input distanceThreshold = 0.60;  # Adjust this value as needed
input showBackgroundColor = yes;  # Input to turn on/off background color

def fastEMA = ExpAverage(close, fastLength);
def slowEMA = ExpAverage(close, slowLength);

def emaDistance = AbsValue(fastEMA - slowEMA);

# Color the background based on the distance between EMAs
AssignBackgroundColor(if showBackgroundColor and emaDistance <= distanceThreshold then Color.CYAN else Color.BLACK);

# Plot the EMAs on the chart
plot FastEMAValue = fastEMA;
plot SlowEMAValue = slowEMA;

# Add labels for better visualization
#AddLabel(yes, "Fast EMA: " + Round(fastEMA, 2), Color.CYAN);
#AddLabel(yes, "Slow EMA: " + Round(slowEMA, 2), Color.yellow);
AddLabel(yes, "EMA Distance: " + Round(emaDistance, 2), Color.GRAY);

 

[Svanoy]

AddCloud(if emaDistance <= distanceThreshold then Double.POSITIVE_INFINITY else Double.NaN, if emaDistance <= distanceThreshold then Double.NEGATIVE_INFINITY else Double.NaN, color.CYAN, color.BLACK, yes);

 

[METAL]

@Svanoy Thank you. Is there a way to make the cloud only stay between the two lines. Sorry if I didn't make that clear. See example:

 

[METAL]

Well once again a blind squirrel can find a nut.
Not sure why it colors red as I did not add that but I may like that better. For anyone that my want it, here it is.

# Distance between 20 EMA and 200 EMA indicator with background coloring
input fastLength = 20;
input slowLength = 200;
input distanceThreshold = 0.10;  # Adjust this value as needed
input showBackgroundColor = yes;  # Input to turn on/off background color
input showcloud = yes; 


def fastEMA = ExpAverage(close, fastLength);
def slowEMA = ExpAverage(close, slowLength);

def emaDistance = AbsValue(fastEMA - slowEMA);

# Color the background based on the distance between EMAs
AssignBackgroundColor(if showBackgroundColor and emaDistance <= distanceThreshold then Color.CYAN else Color.BLACK);

# Plot the EMAs on the chart
plot FastEMAValue = fastEMA;
plot SlowEMAValue = slowEMA;

# Add labels for better visualization
#AddLabel(yes, "Fast EMA: " + Round(fastEMA, 2), Color.CYAN);
#AddLabel(yes, "Slow EMA: " + Round(slowEMA, 2), Color.yellow);
AddLabel(yes, "EMA Distance: " + Round(emaDistance, 2), Color.GRAY);



# Add Cloud based on the distance between EMAs
AddCloud(if showcloud and emaDistance <= distanceThreshold then fastEMA else Double.NaN,
         if showcloud and emaDistance <= distanceThreshold then slowEMA else Double.NaN, Color.CYAN);

Here is QQQ on the 29th. The only thin I wished was possible is to have automatic adjustment based on individual stocks. If that is possible, Can someone point me in the right direction. You will need to adjust the range per stock as the range distances will vary.

This works great at giving us a heads up for a possible big move. It works great by itself but there may be other indicators that will help to confirm an incoming move. These are also appreciated.

I also want to add the "opposite" so that when the two ma's are way apart and price goes above the 20 ema I get another signal/alert.