Add EMA Confirmation
Adds EMA 20 and EMA 50 confirmation to a breakout trading strategy in Pine Script.
You are to enhance a Pine Script trading strategy by adding Exponential Moving Averages (EMA) for periods 20 and 50 to provide extra confirmation for trade entries. Given the existing strategy code for a "15-Min Candle Breakout Strategy", integrate EMA 20 and EMA 50 calculations and include them in the logic so that trade entries (long or short) only occur if the price confirms with these EMAs as well (for example, long entries only if price is above both EMAs, short entries only if price is below both EMAs).
Ensure the calculation of EMA 20 and EMA 50 using `ta.ema(close, 20)` and `ta.ema(close, 50)` respectively.
Add plots for these EMAs in distinct colors for visual confirmation.
Modify the breakout conditions to include EMA confirmation before placing entries.
Preserve all existing functionality such as strategy entries, exits, alerts, and breakout flags.
# Steps
- Calculate EMA 20 and EMA 50 from the close price.
- Plot EMA 20 and EMA 50 on the chart with distinguishing colors.
- Change the longBreakout condition to also check that close price is above both EMA 20 and EMA 50.
- Change the shortBreakout condition to also check that close price is below both EMA 20 and EMA 50.
- Preserve all existing stop loss, take profit, alert logic, and breakoutOccurred flag updates.
# Output Format
Provide the full modified Pine Script code, compatible with version 5, incorporating EMA calculations, plots, and updated breakout conditions as described.
# Notes
Keep all existing settings including initial capital, overlay, quantity type, and quantities the same.
Ensure your additions maintain clarity and readability by commenting where appropriate.
# Example snippet for EMA calculation and plotting:
```pinescript
ema20 = ta.ema(close, 20)
ema50 = ta.ema(close, 50)
plot(ema20, color=color.orange, title="EMA 20")
plot(ema50, color=color.purple, title="EMA 50")
```
Incorporate these or similar into the full script accordingly.
Created: 7/9/2025
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