This version of the MACD indicator is 'trawling' (checking) if the MACD histogram and the zero line crossing with the MACD line are both positive or negative. The idea behind this is to show areas with higher or lower risk.
Features: 1. Enable the bar color 2. Enable the background color 3. Change zero line value
FYI:
"The MACD-Histogram is an indicator of an indicator. In fact, MACD is also an indicator of an indicator. This means that the MACD-Histogram is the fourth derivative of price."
First derivative: 12-day EMA and 26-day EMA Second derivative: MACD (12-day EMA less the 26-day EMA) Third derivative: MACD signal line (9-day EMA of MACD) Fourth derivative: MACD-Histogram (MACD less MACD signal line)
how to set alerts when the background color changed?
DLLHOMS
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That's great work. Is it possible that you create tow additional "trawlers": one for RSI and one for Stochastic ?
Thank you very much.
Hociemocie
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Love this, been using it for some time now - my perfect MACD right here! Thanks for your work & efforts!
MDicko123
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Hi, great script, much appreciated. Is there any way to set an alert for the background color changes? Can you also please explain what the background color change is based on? Thank you!
ViSi0nZ
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@MDicko123, This would be awesome.. did you manage to do this yet MDicko?