OPEN-SOURCE SCRIPT
Custom MACD Oscillator with Bar Coloring
Custom MACD Oscillator with Bar Coloring
This custom MACD indicator is a fusion of two powerful MACD implementations, combining the best features of both the MACD Crossover by HPotter and the Multiple Time Frame Custom MACD Indicator by ChrisMoody. The indicator enhances the traditional MACD with customizable options and dynamic bar coloring based on the relationship between the MACD and Signal lines, providing a clear visual representation of momentum shifts in the market.
Key Features:
MACD Oscillator: Built on the core MACD principle, showing the difference between two Exponential Moving Averages (EMA) for momentum tracking.
Signal Line: A Simple Moving Average (SMA) of the MACD, helping to identify potential entry/exit points through crossovers.
Multiple Time Frame Support: Allows users to view MACD and Signal data from different timeframes, giving a broader view of the market dynamics.
Bar Coloring: Bars are colored green when the MACD is above the Signal line (bullish), red when the MACD is below (bearish), and blue during neutral conditions.
Histogram with Custom Colors: A customizable histogram visualizes the difference between the MACD and Signal lines with color-coding to represent changes in momentum.
Cross Dots: Visual markers at points where the MACD crosses the Signal line for easy identification of potential trend shifts.
This indicator is a versatile tool for traders who want to visualize MACD-based momentum and crossover signals in multiple timeframes with clear visual cues on price bars.
This custom MACD indicator is a fusion of two powerful MACD implementations, combining the best features of both the MACD Crossover by HPotter and the Multiple Time Frame Custom MACD Indicator by ChrisMoody. The indicator enhances the traditional MACD with customizable options and dynamic bar coloring based on the relationship between the MACD and Signal lines, providing a clear visual representation of momentum shifts in the market.
Key Features:
MACD Oscillator: Built on the core MACD principle, showing the difference between two Exponential Moving Averages (EMA) for momentum tracking.
Signal Line: A Simple Moving Average (SMA) of the MACD, helping to identify potential entry/exit points through crossovers.
Multiple Time Frame Support: Allows users to view MACD and Signal data from different timeframes, giving a broader view of the market dynamics.
Bar Coloring: Bars are colored green when the MACD is above the Signal line (bullish), red when the MACD is below (bearish), and blue during neutral conditions.
Histogram with Custom Colors: A customizable histogram visualizes the difference between the MACD and Signal lines with color-coding to represent changes in momentum.
Cross Dots: Visual markers at points where the MACD crosses the Signal line for easy identification of potential trend shifts.
This indicator is a versatile tool for traders who want to visualize MACD-based momentum and crossover signals in multiple timeframes with clear visual cues on price bars.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.