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OPEN-SOURCE SCRIPT

MACD BeepBoop Indicator

By Monduras
Updated

The indicator flags long or blue when the macd histogram value > 0 and above the ema and short or red when the macd histogram value < 0 and below the ema

I have added confirmations in the form of eliminating all bars on the histogram unless they meet the long / short entry conditions two bars in a row

You can customize the length of the ema that determines the long/short entry conditions in the settings

I have also added a yellow highlight to the bar in the chart that you would enter on. You would enter at the open of the bar following the signal bar

Stop Loss would be placed at the nearest pivot point or ATR of your choice

Note - republishing this after taking out original links
Release Notes
updated to remove the link in the source code
Moving Average Convergence / Divergence (MACD)macddivergencetradingrush

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.

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Monduras

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