Durbtrade MACD - macd line changes color based on vertical direction. This makes it easier to see and discern movements and also helps the indicator to retain maximum functionality when taking up less chart real estate (also, having the color change really helps me see charts on small screens... such as when it's bright outside and I'm driving in my car and glancing at a chart on my phone... it helps having the info pop visually). A fill option is included to fill the space between the macd and signal lines, though I personally prefer to disable this function. Also, you get a zero line if you want it, and it doesn't extend past the current time, removing unnecessary info and keeping your chart looking a bit cleaner. Finally, there are color-coded, cross-over and cross-under background fills, signaling when the macd line crosses the signal line.
This is my 2nd published script, and 2nd script ever. If you like this style, see my 1st published script: Durbtrade Bollinger Bands Width.
Hope you find this useful.
Feel free to comment.
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Minor change.
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Minor change.
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Minor change.
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Added a fill option to fill the space between the MACD/signal line and the zero line. The fill color and opacity can be customized depending on whether the fill is above or below the zero line. Of note, careful consideration was made to ensure that this fill does not overlap with the fill between the MACD line and the signal line, and also, that it is plotted behind the histogram, in order to maintain maximum clarity.
Hello, i use range bar charts to trade, is there by chance you are considering modifying this indicator for MTF use. You cant realy utilize MTF functionality in range bar charts as you would with time based charts. I do use another indicator that uses the 'Multiplier' function on a MACD indicator. Its caled MTF MACD 4C created by wave trader. May you be so kind to consider using the multiplier function if ever you plan to add MTF functionality for this indicator? Thank you
Magnum76
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Thank you! If you ever play with this indicator a bit more, would appreciate the addition of a configurable overbought/oversold line options. You know, like lines at 80 and 20 with color palette options, the ability to choose at what percentages we would like the horizontal lines to appear as well as dotted/hash/etc line choices. Good fortune with your trading. Your screenshot setups are "beast-mode"!
Durbtrade
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Thanks @Magnum76, glad you appreciate the script! What you are looking for indeed could be done in-script, but this is a centered oscillator with no upper or lower value limits, so percentages wouldn't really apply. I could rewrite the script, but If you only want 2 customizable horizontal lines displayed on top of the indicator, if I were you, I would simply draw horizontal lines directly onto the indicator at the specific values that you want using the horizontal line tool on the drawings panel.
Durbtrade
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Here is an example of the MACD with dotted horizontal lines at 50 and -50 : You can easily change their values and customize how they look.
Magnum76
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@Durbtrade, Ahhhh yes! Not using the ol' brain...like how it is! And thanks, great solution as well and quick response. Looking forward to what you will create next to further expand your indicator portfolio creation! Hmmm, you're the Pro....do you see any further additional options that could be added/formulated to advance this indicator any further?
Durbtrade
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no problem @Magnum76, i'm glad that helped. As for additional options, i'm sure there are some upgrades i could do... one thing that i do like doing, is adding an EMA with a length of 150 on top of the indicator, with the MACD as the source... as seen in the image above (orange line). I suppose that i could build that into the script (among some other changes).
As for further expansion of my indicator portfolio, i'm happy to say that i just released my new Moving Averages System script if you care to check it out!
Mexi_kiwi
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Hi there, this script is awesome!!! Thanks for sharing.
I wonder if it is possible to create vertical lines as well by using the Stochastic indicator?
Cheers