OPEN-SOURCE SCRIPT
MACD + RSI with Trade Signals
Updated
This indicator by default comes with the MACD shown but can be switched to show the RSI instead. Settings for each indicator can also be customized as well as Buy/Sell signals given based on pull back crossovers that follow the 200 EMA of the price Chart. There's an above/below middle fill option you can use but I tend not to but I know some traders like to see when an oscillator is above/below the middle and use it as a trend diretion. By the way, the fourth setting for the MACD (which is 2 by default) is the size of the histogram.
Buy Signal = Price is above the 200 EMA. Current or previous MACD or RSI line is/was below middle line and now crossed above the signal line.
Sell Signal = Price is below the 200 EMA. Current or previous MACD or RSI line is/was above middle line and now crossed below the signal line.
There are alerts for each signal as well (MACD and RSI, both buy and sell).
Feel free to leave a comment regarding issues or suggestions for this indicator or ideas for the next one I should do :)
Buy Signal = Price is above the 200 EMA. Current or previous MACD or RSI line is/was below middle line and now crossed above the signal line.
Sell Signal = Price is below the 200 EMA. Current or previous MACD or RSI line is/was above middle line and now crossed below the signal line.
There are alerts for each signal as well (MACD and RSI, both buy and sell).
Feel free to leave a comment regarding issues or suggestions for this indicator or ideas for the next one I should do :)
Release Notes
- Took out a line an option that wasn't being utilized- Updated the picture to show some 2:1 Risk to Reward ration trades that did very well with this strategy. Today is Saturday, July 23, 2022. These were taken from pre-market Friday, July 22, 2022 on the S&P 500 Mini Futures (same chart as micros as well)
Release Notes
Updated some small things, most notable TradingView decided invisible plots now need to be shown so it made the indicators zoom way out. I've fixed that mostly by plotting much closer to the graph. Release Notes
Minor Changes:- Signals can now be shown on both MACD and RSI
- Took out Signal Bars as it disrupts other indicators on the chart from changing the color of bars. Namely as it doesn't work with my "Ultimate Indicator"
Release Notes
Minor Update:- Fixed the indicator from drawing stupidly zoomed out by limiting the top and bottom to 95 and 5 instead of +- 1000
Release Notes
Updated the script quite a bit:- Added the Stochastic Oscillator as an option (There's a checkbox for Stochastic RSI if you'd rather use that, simply select Stochastic from the drop down menu then check the checkbox for Stochastic RSI)
- Added color changing option for the oscillator and signal lines directly on the Inputs page
- Added option to fill between the oscillator and signal line (These color options will remain on the Style tab)
- Changed the names of some variables and added a few to get the above functions working
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
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