The logic is simple. When all 5 MA's are in agreement in direction, then then script will notify users of change.
I posted this as a strategy to help show how logic does in back test. If you use my simple yet effective solution to find take profit locations, you can blow this back testing out of the water!!!
To set alerts simply turn script into study
study(title="MACD Multi-MA Study", overlay=false)
src = close
len1 = input(8, "FAST LOOKBACK")
len2 = input(144, "SLOW LOOKBACK")
length = len2-len1
ma = ( src , length)
plot(ma, title="VWMA", color=lime)
length1 = len2-len1
ma1 = rma( src , length1)
plot(ma1, title="RMA", color=purple)
length2 = len2-len1
ma2 = ( src , length2)
plot(ma2, title="SMA", color=red)
length3 = len2-len1
ma3 = ( src , length3)
plot(ma3, title="WMA", color=orange)
length4 = len2-len1
ma4 = ( src , length4)
plot(ma4, title="EMA", color=yellow)
long = ma > ma and ma1 > ma1 and ma2 > ma2 and ma3 > ma3 and ma4 > ma4
short = ma < ma and ma1 < ma1 and ma2 < ma2 and ma3 < ma3 and ma4 < ma4
alertcondition(long == true, title='MACD LONG SIGNAL', message='MACD LONG!')
alertcondition(short == true, title='MACD SHORT SIGNAL', message='MACD SHORT!')
The mistake just goes to show how uncomplicated a script needs to be to give good back testing results even on a line chart.
I also changed overlay to true to save space on your screen
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.