ChuckBanger

MACD Leader [ChuckBanger]

MACD makes use of moving averages and therefor usually lags behind the price. It is possible to eliminate lag completely but the work around of this is usually by adding a component of the price/MA difference back to MA. This technique is called Zero-lag. It is not zero lag but it is close enough. "MACD Leader" makes use of this to form a leading signal to MACD .

First proposed by Giorgos E. Siligardos, "Leader" leads normal MACD , especially when significant trend changes are about to take place. This has the following features:
- It is similar to MACD in smoothness.
- It can be plotted along with MACD in the same window using the same scaling.
- It has the ability to lead MACD at critical situations

For detailed discussion on the various divergence patterns, refer to the PDF here: https://drive.google.com/file/d/1Nr7kfZJ...

This script provide an option to plot MACD and MACD leader signal on the same pane. You can enable/disable them how you want via options page. It also has the option to change to different MA types.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Thanks @ChuckBanger for sharing this and the pdf. A good reading.
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@TY19, Thanks a lot for your support... I'm glad you like it.
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