- MACD: The histogram itself is a normal histogram. Nothing strange about it, and you can adjust the settings for it just as you would a normal .
- RSI: Any time the is outside of normal ranges (which can be adjusted in the settings), the bar on the histogram will turn amber to warn you. The actual value is also shown in a label to the left side of the indicator.
- ADX: Crosses are drawn along the 0 line to indicate . Blue means the is below the trending level (adjustable in the settings), and orange means it is above that level. Darker colors indicate the has gone up since the previous bar, while lighter colors indicate it has gone down. The actual value is also shown in the label to the left side of the indicator.
- Parabolic SAR: At the outside point of each bar in the histogram, a colored dot is drawn. If the dot is green, the (settings adjustable) is currently below the closing price. If the dot is red, the SAR is above the closing price.
I must stress that this indicator is not a replacement for any one of the indicators it includes, as it's really only pulling small bits of information from each. The point of this indicator is to give a cohesive picture of momentum at a quick glance. I encourage you to continue to use the normal versions of whichever of the basic indicators you already use, especially if those indicators are a key part of your strategy. This indicator is designed purely as a way to get a bird's eye view of the momentum.
Pretty much every normally adjustable value can be adjusted in the settings for each of the base indicators. You can also set:
- The warning levels (30 and 70 by default)
- The Crossover, i.e. the point at which you consider the value to indicate a strong trend (25 by default)
- The offset for the label which shows the actual & values (109 by default, which happens to line up with my chart layout--yours will almost certainly need to be different to look clean)
- All of the colors, naturally
As always, I am open to suggestions on how I might make the indicator look cleaner, or even other indicators I might try to include in the data this indicator produces. My choice of indicators to base this one from is entirely based on the ones I use and know, but I'm sure there are other great indicators that may improve this combination indicator even more!
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.