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.
study(shorttitle = "MACD 4C", title = "4 colour MACD") fastMA = input(title="Fast moving average", type = integer, defval = 12, minval = 7) slowMA = input(title="Slow moving average", type = integer, defval = 26, minval = 7) lastColor = yellow [currMacd,_,_] = macd(close, fastMA, slowMA, 9) [prevMacd,_,_] = macd(close, fastMA, slowMA, 9) plotColor = currMacd > 0 ? currMacd > prevMacd ? lime : green : currMacd < prevMacd ? maroon : red plot(currMacd, style = histogram, color = plotColor, linewidth = 3)