OPEN-SOURCE SCRIPT
MACD uptrend/downtrend
Whenever the MACD indicates a trend reversal (from bullish to bearish or vice versa), this indicator displays a gray horizontal line from this moment until the moment the trend is reversed, and then paints the space green/red between the gray line and the price according to the indicated trend
It is important to note that the grey line acts like a support/resistence. And therefore:
If the indicator shows an upward trend, but the price breaks the gray line drawn from top to bottom, this may indicate a reverse breakout. A similar case applies to downtrends also.
It is important to note that the grey line acts like a support/resistence. And therefore:
If the indicator shows an upward trend, but the price breaks the gray line drawn from top to bottom, this may indicate a reverse breakout. A similar case applies to downtrends also.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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