OPEN-SOURCE SCRIPT
MACD SMI PNR Pro Ver.2 [dDy879]

1. Core Oscillators
MACD: Serves as the primary trend bias and momentum indicator. A crossover signifies the potential start of a new price cycle.
SMI (Stochastic Momentum Index): This is more stable than a standard Stochastic. It helps identify "optimal" entry points (buying dips in an uptrend / selling rallies in a downtrend) using double smoothing to eliminate market noise.
2. Precision Filters
PNR (Percentile Near Range): A statistical tool that calculates the median price range over the last 21 bars. If the price is above the PNR line, the system focuses exclusively on BUY setups.
DMI (DI+ / DI-): Used to verify whether "Buyers" or "Sellers" are truly in control. The signal arrow only appears if the dominant force's strength is above 20 (DMI/ADX threshold).
3. Visuals & Signals
Dots: Represent a "Warning" signal when a basic MACD crossover occurs.
Triangles (Filtered Arrows): These are "Confirmation" signals. They only appear when MACD, SMI, PNR, and DMI conditions are all aligned simultaneously.
Dashboard: Provides a Multi-Timeframe (MTF) summary, ensuring that the current trade direction is supported by the trend in higher timeframes.
Summary: This code doesn't just look at price crossovers; it ensures that Trend, Momentum, Statistical Value, and Volume Strength are all pointing in the same direction before suggesting a trade.
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.
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.
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.