OPEN-SOURCE SCRIPT
Xiang Stoch MACD 200EMA
Stochastic + MACD + 200 EMA indicator
Green flag
1) MACD crossover Signal line
2) Stochastic in oversold region (</=20)
3) Above 200 EMA (direction of trend)
Red flag
1) MACD crossunder Signal line
2) Stochastic in overbought region (>=80)
3) Below 200 EMA (direction of trend)
I use 200 EMA to determine the direction of the trend, (can ignore point 3 for both flag if you got other ways).
If green flag, high possibility of market going up.
If red flag, high possibility of market going down.
Green flag
1) MACD crossover Signal line
2) Stochastic in oversold region (</=20)
3) Above 200 EMA (direction of trend)
Red flag
1) MACD crossunder Signal line
2) Stochastic in overbought region (>=80)
3) Below 200 EMA (direction of trend)
I use 200 EMA to determine the direction of the trend, (can ignore point 3 for both flag if you got other ways).
If green flag, high possibility of market going up.
If red flag, high possibility of market going down.
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.