OPEN-SOURCE SCRIPT
GFG MACD Pivot Lines by Agaam
**GFG MACD Pivot Lines by Agaam**
**Description**
GFG MACD Pivot Lines by Agaam is a clean chart indicator that uses MACD turning points to create support and resistance style pivot lines directly on the price chart.
Instead of using only price highs and lows, this indicator watches the MACD for confirmed pivot highs and pivot lows. When a MACD pivot is confirmed, the indicator draws a horizontal price level from the candle where that MACD pivot happened.
**How It Works**
A bullish MACD pivot is created when the selected MACD source forms a confirmed pivot low. The indicator then draws a green support-style line from the price low or close of that candle.
A bearish MACD pivot is created when the selected MACD source forms a confirmed pivot high. The indicator then draws a red resistance-style line from the price high or close of that candle.
The MACD pivot source can be selected from:
* MACD Histogram
* MACD Line
* Signal Line
The price level can be based on either the candle wick or the candle close.
**How to Use**
Green MACD pivot lines may act as possible support or bullish reaction areas. Traders may watch these areas for long setups, bounces, or bullish confirmation.
Red MACD pivot lines may act as possible resistance or bearish reaction areas. Traders may watch these areas for short setups, rejections, or bearish confirmation.
This indicator can help identify where momentum turned in the past and where price may react again.
**Important Note About Pivots**
MACD pivots require confirmation. This means the signal appears after the selected number of right-side bars completes. The line is then drawn back from the actual pivot candle where the MACD turning point happened.
**Features**
* MACD-based pivot high and pivot low detection
* Bullish support-style pivot lines
* Bearish resistance-style pivot lines
* Adjustable MACD settings
* Choose Histogram, MACD Line, or Signal Line as the pivot source
* Choose wick or close for the price level
* Shows only the latest 3 bullish and 3 bearish pivot lines
* Pivot arrows/markers remain visible on the chart
* Adjustable line color, width, and style
* Optional labels with price values
* Alert conditions for bullish and bearish MACD pivots
**Best Used With**
This indicator works best when combined with price action, trend direction, supply and demand zones, VWAP, volume, market structure, and risk management.
**Disclaimer**
This indicator is for educational and informational purposes only. It is not financial advice, investment advice, or a buy/sell recommendation. Trading involves risk, and past performance does not guarantee future results. Always use your own analysis, confirmation, and proper risk management before making any trading decision.
**Description**
GFG MACD Pivot Lines by Agaam is a clean chart indicator that uses MACD turning points to create support and resistance style pivot lines directly on the price chart.
Instead of using only price highs and lows, this indicator watches the MACD for confirmed pivot highs and pivot lows. When a MACD pivot is confirmed, the indicator draws a horizontal price level from the candle where that MACD pivot happened.
**How It Works**
A bullish MACD pivot is created when the selected MACD source forms a confirmed pivot low. The indicator then draws a green support-style line from the price low or close of that candle.
A bearish MACD pivot is created when the selected MACD source forms a confirmed pivot high. The indicator then draws a red resistance-style line from the price high or close of that candle.
The MACD pivot source can be selected from:
* MACD Histogram
* MACD Line
* Signal Line
The price level can be based on either the candle wick or the candle close.
**How to Use**
Green MACD pivot lines may act as possible support or bullish reaction areas. Traders may watch these areas for long setups, bounces, or bullish confirmation.
Red MACD pivot lines may act as possible resistance or bearish reaction areas. Traders may watch these areas for short setups, rejections, or bearish confirmation.
This indicator can help identify where momentum turned in the past and where price may react again.
**Important Note About Pivots**
MACD pivots require confirmation. This means the signal appears after the selected number of right-side bars completes. The line is then drawn back from the actual pivot candle where the MACD turning point happened.
**Features**
* MACD-based pivot high and pivot low detection
* Bullish support-style pivot lines
* Bearish resistance-style pivot lines
* Adjustable MACD settings
* Choose Histogram, MACD Line, or Signal Line as the pivot source
* Choose wick or close for the price level
* Shows only the latest 3 bullish and 3 bearish pivot lines
* Pivot arrows/markers remain visible on the chart
* Adjustable line color, width, and style
* Optional labels with price values
* Alert conditions for bullish and bearish MACD pivots
**Best Used With**
This indicator works best when combined with price action, trend direction, supply and demand zones, VWAP, volume, market structure, and risk management.
**Disclaimer**
This indicator is for educational and informational purposes only. It is not financial advice, investment advice, or a buy/sell recommendation. Trading involves risk, and past performance does not guarantee future results. Always use your own analysis, confirmation, and proper risk management before making any trading decision.
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.