OPEN-SOURCE SCRIPT
[LanZhu] - MTF MAs Crossover
Updated
Credited to ChrisMoody's script ==> _CM_Ultimate_MA_MTF_V4 :)
I have modified a bit his indicator to include more MTF fast MA and slow MA crossover. I have added table to show MTF bullish and bearish status. Fast MA above Slow MA is considered Bullish and vice versa
Kindly refer to chart to see explanation of this indicator. Hopefully you guys will enjoy :)
I have modified a bit his indicator to include more MTF fast MA and slow MA crossover. I have added table to show MTF bullish and bearish status. Fast MA above Slow MA is considered Bullish and vice versa
Kindly refer to chart to see explanation of this indicator. Hopefully you guys will enjoy :)
Release Notes
V2[ New ] - Add MTF MACD as filter
[ Update ] - Remove MTF MAs cross overall golden/dead cross
1) Add MTF MACD as filter
I have added MTF MACD to filter out some noise. Hence, default buy/sell signal will shows based on EMAs cross above/below MACD zero line. The idea is golden cross above zero line and dead cross below zero line usually lead to trend change thus is preferable point to entry or exit trade.
2) Remove MTF MAs cross overall golden/dead cross
Removed because I found it is not so useful for me. Instead, I have include MACD cross as an extra option to entry or exit trade.
Release Notes
UpdateUpgrade to Pine V5
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.
If you find the free indicators helpful, donations are welcome :)
buymeacoffee.com/lanzhu0506
buymeacoffee.com/lanzhu0506
Disclaimer
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