OPEN-SOURCE SCRIPT
Updated MACD At Scales with Alerts
I use the horizontal scale lines on the MACD indicator as part of my scalping strategy along with other indicators like RSI/EMA and Market Cipher B when trading BTC
I am looking for a cross above or below the 12.5 and 25 horizontal scale lines, along with lining up other indicators
I set my alerts on the 5 min TF and look to the 15 and 30 min TF's for further confirmation.
I have find the scale lines to be very useful for visual reference of the crosses, above/below 25 lines is mostly a safer trade, crosses above/below 12.5 lines can have more risk, crosses between 0 baseline and 12.5 can have a higher return but have much more risk.
Don't ever use just this indicator by itself, you must always have at least 2 indicators running
This is an example of the TF's not lining up, so a entry here would be high risk
https://www.tradingview.com/x/zg2Kwp4M/
This is an example of the TF's lining up, so a entry here would be less risk
https://www.tradingview.com/x/GyUr3Y2B/
I am looking for a cross above or below the 12.5 and 25 horizontal scale lines, along with lining up other indicators
I set my alerts on the 5 min TF and look to the 15 and 30 min TF's for further confirmation.
I have find the scale lines to be very useful for visual reference of the crosses, above/below 25 lines is mostly a safer trade, crosses above/below 12.5 lines can have more risk, crosses between 0 baseline and 12.5 can have a higher return but have much more risk.
Don't ever use just this indicator by itself, you must always have at least 2 indicators running
This is an example of the TF's not lining up, so a entry here would be high risk
https://www.tradingview.com/x/zg2Kwp4M/
This is an example of the TF's lining up, so a entry here would be less risk
https://www.tradingview.com/x/GyUr3Y2B/
Release Notes
This is an example of 5m, 15m and 30m TF's not lining up, so a entry here would be high riskThis is an example of 5m, 15m and 30m TF's lining up, so a entry here would be lower risk, please observe the times under the white vertical lines i would be entering using the 15m
And never forget, if you use this indicator alone to make entry, its always higher risk
Release Notes
Update: fixed code alerts so at 25 and -25 levels it doesn't give you double alerts for both 12.5 and 25Open-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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.