OPEN-SOURCE SCRIPT
Ar_Upgraded_MACD [AriVestHub]
Introduction
This indicator is an improved version of the MACD. In the simple and default mode of the MACD, there are numerous peaks and troughs. In this version, by applying custom settings, you can draw horizontal lines such that the desired number of peaks and troughs are between the regions. This helps to ignore the peaks and troughs that have smaller fluctuations compared to the others. Doing this manually is almost impossible. After drawing these lines, you can base the entry and exit signals on the peaks and troughs that have the greatest movement and size, as there will be a higher chance of a reversal from those regions.
Key Features
Identification of Key Peaks and Troughs: The script identifies and marks key peaks and troughs.
Customizable Settings: You can adjust the number of horizontal lines and how they are drawn based on your personal needs.
Conclusion
This script is a useful tool for traders looking to identify peak and trough patterns in the MACD. By highlighting these patterns, traders can make more informed trading decisions.
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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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.