This script looks at the current momentum direction (up or down) for the 5 minute, 30 minute, 1 hour, 4 hour and daily and allows you to set scores of importance to these.
These scores are then added up to create an oscillator matching your preferences. Tune the indicator to match what you believe is the most important time frames that people use and score it accordingly. The values I put by default are just for demonstration.
For example, (and if you want to test to verify it's working), set the scores to 0 for everything except for the daily). Look at the daily macD by adding it as an indicator and set a score. Whenever the macD is trending up it will add the appropriate value to the score and likewise remove it when it's not.
Enjoy!
Release Notes
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I added an option in the settings to visualize the MacD Lines. This helps to verify/inspect the MacD in the various time frames.
Release Notes
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I added a smoothing factor that you can turn off if you like the old version, just go into the settings. This makes it a little easier to use without sudden jerky movements.
Could this be modified to be used for scalp trading on a minute screen?
Gentleman-Goat
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Something to note to use this correctly, you want to adjust the weights so that you notice uptrends bouncing from the 0 line. This means you have aligned to the asset you are using. For example on bitcoin, I've noticed the following settings seem to work nicely. 1,1,1,3,5 (5 min, 30 min, 1 hour, 4 hour, daily). By doing this it tends to bounce on the 0 line correctly. You can then use the cross below the 0 to exit a long or consider a short position. And the reverse a cross above 0 for starting another long.
Docop1
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Wow.. look very great. thanks
Gentleman-Goat
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@Docop1, Thanks let me know if you have any feature ideas to improve :), or if you have any questions