//Created by user ChrisMoody updated 4-10-2014 //Regular MACD Indicator with Histogram that plots 4 Colors Based on Direction Above and Below the Zero Line //Update allows Check Box Options, Show MacD & Signal Line, Show Change In color of MacD Line based on cross of Signal Line. //Show Dots at Cross of MacD and Signal Line, Histogram can show 4 colors or 1, Turn on and off Histogram. //Special Thanks to that incredible person in Tech Support whoem I won't say you r name so you don't get bombarded with emails //Note the feature Tech Support showed me on how to set the default timeframe of the indicator to the chart Timeframe, but also allow you to choose a different timeframe. //By the way I fully disclose that I completely STOLE the Dots at the MAcd Cross from "TheLark" study(title="CM_MacD_Ult_MTF", shorttitle="CM_Ult_MacD_MTF") source = close useCurrentRes = input(true, title="Use Current Chart Resolution?") resCustom = input(title="Use Different Timeframe? Uncheck Box Above", type=resolution, defval="60") smd = input(true, title="Show MacD & Signal Line? Also Turn Off Dots Below") sd = input(true, title="Show Dots When MacD Crosses Signal Line?") sh = input(true, title="Show Histogram?") macd_colorChange = input(true,title="Change MacD Line Color-Signal Line Cross?") hist_colorChange = input(true,title="MacD Histogram 4 Colors?") res = useCurrentRes ? period : resCustom fastLength = input(12, minval=1), slowLength=input(26,minval=1) signalLength=input(9,minval=1) fastMA = ema(source, fastLength) slowMA = ema(source, slowLength) macd = fastMA - slowMA signal = sma(macd, signalLength) hist = macd - signal outMacD = security(tickerid, res, macd) outSignal = security(tickerid, res, signal) outHist = security(tickerid, res, hist) histA_IsUp = outHist > outHist and outHist > 0 histA_IsDown = outHist < outHist and outHist > 0 histB_IsDown = outHist < outHist and outHist <= 0 histB_IsUp = outHist > outHist and outHist <= 0 //MacD Color Definitions macd_IsAbove = outMacD >= outSignal macd_IsBelow = outMacD < outSignal plot_color = hist_colorChange ? histA_IsUp ? aqua : histA_IsDown ? blue : histB_IsDown ? red : histB_IsUp ? maroon :yellow :gray macd_color = macd_colorChange ? macd_IsAbove ? lime : red : red signal_color = macd_colorChange ? macd_IsAbove ? yellow : yellow : lime circleYPosition = outSignal plot(smd and outMacD ? outMacD : na, title="MACD", color=macd_color, linewidth=4) plot(smd and outSignal ? outSignal : na, title="Signal Line", color=signal_color, style=line ,linewidth=2) plot(sh and outHist ? outHist : na, title="Histogram", color=plot_color, style=histogram, linewidth=4) plot(sd and cross(outMacD, outSignal) ? circleYPosition : na, title="Cross", style=circles, linewidth=4, color=macd_color) hline(0, '0 Line', linestyle=solid, linewidth=2, color=white)
Iam very new to trading so I may be wrong.
I tried this indicator and its amazing. I was observing the buy/sell recommendations for BTC/USD (XBT/USD BITMEX Exchange), for 15 min TF, the indicator showed a sell (red dot) and in the next candle, there a spike of $100.
1) Is everything working fine? Or am I missing something?
2) DO I have to keep verifying abt the buy/sell on diff time frames before taking the trade?
So there’s nothing wrong. Sometimes there’s a pump or dump that people don’t anticipate and, if you’re using MAs with no stoploss for buying and selling, you’ll get rekt.
-Defaults automatically to chart timeframe.
-Ability to change to reflect a Higher or Lower Timeframe.
-CheckBox to have MacD line change colors when it crosses the Signal Line.
-CheckBox to take MacD and Signal line off, just leaving Histogram.
-Show Dots at MacD - Signal Line Cross.
-CheckBox to take Histogram off chart.
-Checkbox to change Histogram from 4 colors to 1 color (Gray is Default).
Video On Importing Custom Indicator from PasteBin Link Below:
Link to Code for Indicator: