OPEN-SOURCE SCRIPT
KC-MACD Entry Master @shrilss
The KC-MACD Entry Master is designed to enhance trading strategies by utilizing Keltner Channels and MACD for dynamic market analysis. This indicator excels in visually identifying market conditions with a sophisticated bar coloring system and an informative MACD Traffic Light feature.
Key Features:
- Dynamic Bar Coloring: The core feature of this indicator is its ability to adjust the color of bars based on their positioning relative to the Keltner Channels and the EMA (Exponential Moving Average). It colors bars lime or red when the closing price is within the Keltner Channels but above or below the EMA, respectively. Additionally, it uses a fuchsia color to indicate breakouts when the price extends beyond the Keltner Channels. This visual aid helps traders quickly identify potential buying or selling opportunities based on market volatility and price action.
- MACD Traffic Light: Positioned at the bottom of the chart, this unique feature displays the histogram color of the MACD, set by default to a 3/10/16 configuration—known as the 3-10 Oscillator. This Traffic Light gives traders an at-a-glance view of the underlying momentum and trend shifts, further aiding in decision-making processes.
- MACD-Based Entry Signals: By calculating the fast and slow moving averages specified by the user, the script determines MACD values and their crossover with a smoothed signal line. Entry points are then highlighted with shapes (e.g., "Buy" or "Sell") plotted on the chart when conditions are met, including alignment with the bar colors for enhanced accuracy.
Key Features:
- Dynamic Bar Coloring: The core feature of this indicator is its ability to adjust the color of bars based on their positioning relative to the Keltner Channels and the EMA (Exponential Moving Average). It colors bars lime or red when the closing price is within the Keltner Channels but above or below the EMA, respectively. Additionally, it uses a fuchsia color to indicate breakouts when the price extends beyond the Keltner Channels. This visual aid helps traders quickly identify potential buying or selling opportunities based on market volatility and price action.
- MACD Traffic Light: Positioned at the bottom of the chart, this unique feature displays the histogram color of the MACD, set by default to a 3/10/16 configuration—known as the 3-10 Oscillator. This Traffic Light gives traders an at-a-glance view of the underlying momentum and trend shifts, further aiding in decision-making processes.
- MACD-Based Entry Signals: By calculating the fast and slow moving averages specified by the user, the script determines MACD values and their crossover with a smoothed signal line. Entry points are then highlighted with shapes (e.g., "Buy" or "Sell") plotted on the chart when conditions are met, including alignment with the bar colors for enhanced accuracy.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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.