chentz MACD — Indicator by chentz

technical_indicator Moving Average Convergence / Divergence (MACD)

An adaptation of MACD. I added:
- Zero line cross signal
- MACD/Signal line cross signals with arrows
- Max/Min lines threshold
Theoretical foundation is from

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.

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.

Want to use this script on a chart?

study(title="chentz MACD", shorttitle="MACD")

source = close

fastLength = input(12, minval=1)
slowLength=input(26,minval=1)
signalLength=input(9,minval=1)

maxLine=input(title="Max. Line", type=float, defval=0.3)
minLine=input(title="Min. Line", type=float, defval=-0.3)

fastMA = ema(source, fastLength)
slowMA = ema(source, slowLength)
macd = fastMA - slowMA

signal = ema(macd, signalLength)
hist = macd - signal

plot(hist, color=red, style=histogram)
plot(macd, color=blue)
plot(signal, color=orange)

hline(maxLine, title="Max Line", linestyle=dashed, color=green)
hline(minLine, title="Min Line", linestyle=dashed, color=red)
bgcolor(macd>=0 ? green : red , transp=90)

plotshape(crossover(macd, signal) ? macd : na, style=shape.triangleup,location=location.bottom, color=green)
plotshape(crossunder(macd, signal) ? macd : na, style=shape.triangledown,location=location.top, color=red)