Impulse MACD [LazyBear]

lazybear custom indicators macd oscillator

Impulse MACD is a modified MACD, formed by filtering out the values in a MA range (region between MAs of high and low), thereby reducing whipsaw typical in a sideways market. This is usually plotted as histogram. This also plots the traditional histogram (MACD - Signal), to help in finding entries/exits.

Use this like a traditional MACD (Zero line crossing or Signal crossing).

Colors legend:

Impulse MACD: Possible colors => Lime / Green / Orange / Red, based on the ImpulseMACD position with respect to MidLine and Signal.
Impulse MACD Signal: Maroon line.
Blue histogram: (ImpulseMACD - Signal).

List of my public indicators:
List of my app-store indicators:

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

Open-source script

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.

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.

Want to use this script on a chart?

//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
//
study("Impulse MACD [LazyBear]", shorttitle="IMACD_LB", overlay=false)
lengthMA = input(34)
lengthSignal = input(9)
calc_smma(src, len) =>
	smma=na(smma[1]) ? sma(src, len) : (smma[1] * (len - 1) + src) / len
	smma

calc_zlema(src, length) =>
	ema1=ema(src, length)
	ema2=ema(ema1, length)
	d=ema1-ema2
	ema1+d

src=hlc3
hi=calc_smma(high, lengthMA)
lo=calc_smma(low, lengthMA)
mi=calc_zlema(src, lengthMA) 

md=(mi>hi)? (mi-hi) : (mi<lo) ? (mi - lo) : 0
sb=sma(md, lengthSignal)
sh=md-sb
mdc=src>mi?src>hi?lime:green:src<lo?red:orange
plot(0, color=gray, linewidth=1, title="MidLine")
plot(md, color=mdc, linewidth=2, title="ImpulseMACD", style=histogram)
plot(sh, color=blue, linewidth=2, title="ImpulseHisto", style=histogram)
plot(sb, color=maroon, linewidth=2, title="ImpulseMACDCDSignal")

ebc=input(false, title="Enable bar colors")
barcolor(ebc?mdc:na)

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