Made to be used with Dark Theme. Made to be used with Heikin Ashi bars (You can enable Real Price from chart settings). Test and use at your own risk. Not recommended for NEW/ INEXPERIENCED TRADERS using this for short-timeframe scalping. Bot integration is possible for high timeframes using the built-in alerts as a trigger via webhooks
Features
This is a reworked MACD code with added buffs for traders wanting more information from this basic indicator.
What this indicator does -
1. Plots a traditional MACD indicator with full input control from within the settings. All colors and values are editable , as you would expect from the standalone indicator. 2. Adds shape to the chart when MACD crosses over Signal line, while both MACD and Signal lines are below the ZERO line. 3. Adds shape to the chart when MACD crosses over ZERO line. 4. Highlights trend direction. Purple = Up Trend Likely , Yellow = Up Trend may end (use caution) , Red = Strong Down Trend Begins. 5. Ability to set alerts for - a) When MACD crosses Signal Line. b) When MACD crosses Zero line. c) When an Up Trend is likely to begin. d) When an Up Trend is slowing and may end. e) When a Strong Down Trend begins.
Considerations -
1. Traders may use this indicator in conjunction with an existing strategy to confirm entries and exits. Traders may also use this indicator as a standalone indicator to assist with entries and exits.
2. Possible Long entries - a) When MACD crosses Signal line while blow the Zero Line b) When MACD crosses Zero c) When Up Trend is Likely to begin and the background is highlighted in purple.
3. Possible stop-loss / exits (Omitted MACD crossing below Signal line and MACD crossing below Zero line) a) When Up Trend Is slowing and the background is highlighted Yellow b) When a Strong Down trend begins and the background is highlighted in Red. All open long position trades should be ended here.
4. The trend algorithm is hard-coded. Changing the MACD and Signal values from within the settings WILL NOT change the result of when and how the trend directions are highlighted.
5. Trend highlights are ONLY A GUIDE . You can still take entry positions in non-highlighted, yellow or red regions if your overall technical analysis tells you to.
UPDATE NOTES (IF ANY) WILL BE PUBLISHED BELOW
Nota Keluaran
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Renamed a few of the alerts to make it easier to understand their function while in the Alert selection dropdown menu. Added the ability to switch SMA source and signal between SMA and EMA. Added Alerts for MACD crossing under zero and MACD crossing Signal line (While above zero). Added new shapes and changed colors.
Nota Keluaran
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Optimized and corrected buy alerts triggering open while in close conditions.
Nota Keluaran
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Added more constraints for crossover variables.
Nota Keluaran
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Added additional alert for MACD crossing UNDER Signal Line , while over Zero.
hi, do the color of backgrounds still as initial or you made any changes to them ... could you please define after the updation
OVARIDE
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@AYEHAN, I have not made any changes to the trend colors. I will be updating the trend at a later date. It works fine for now
AYEHAN
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Ita working good for now ... Like i gwt a idea fir the cureent reversal tough i didnt get any Buy signal from my actual setup ...will be waiting for more updates to script
OVARIDE
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@AYEHAN, good to see that it is working for you. What are you using for buy signal?
@OVARIDE, why dont you use STC "Schaff Trend Cycle indicator", MACD is lagging and STC is non-lag more accurate based on my experience
OVARIDE
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@AYEHAN, The trend in the indicator is not derived from any of the MACD values. It is a completely different set of rules.
AYEHAN
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@OVARIDE, and that is really working ..... pink X means trend is shifted .... right down to up or vice versa
my buy sell are awesome and luckily it matches with the rhythm of my script combination ... double confirmation
OVARIDE
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@AYEHAN, Awesome man! I am not using this indicator to trade myself. I made this for someone to automate their bot. They've also reported some positive trades. Some of the entries are false on lower timeframes, but that is hard to filter out unless you do what you are doing and confirm everything with another indicator that calculates using a different method.