The ADX and MACD confluence can be a powerful predictor in stock movements. This script will help you find those confluences in an easy to understand visual manner.
It includes Buy and Sell signals for detected confluences, and will show colored candles to help you determine when to exit a trade. When the candles turn to white that means the detected confluence is no longer in play and you may want to consider a trailing stop loss.
The Buy and Sell signals will display on the first occurrence of each confluence.
It's important to understand that both of these are lagging indicators, but with a careful attention to your stoploss you can easily generate a positive profit factor.
This code is provided open source and you're free to use it for any purpose other than resale.
Hey. Thank you so much for sharing this indicator. I have two questions. When I click on the chart, the candle colors disappear; is this normal? Also, what is your preferred timeframe for this?
TradersUltimateEdge
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@allnaijabeats, It's probably getting hidden behind another indicator. Select the 3 dots next to the indicator on the bar on the upper left, then Visual Order, then Bring to Front. If that doesn't fix it try turning off the default chart candles. Just go to your chart settings and uncheck the candles.
As far as timeframes go personally I trade the ES on the 3 minute, however this indicator will work on any timeframe that responds to MACD and ADX.
Great Indicator!!! Anyone have an idea how to set it up for scalping?
dogekao
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Ima try
WoodsCapitalManagement
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Hey team I love what you've done with this indicator! great job. My only question is... Am I able to set the alert off of the Haiken Ashi Candles instead of the Normal Candles? Thanks in advance for your help
kislayakanan
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Hello @TradersUltimateEdge : thank you for the indicator, can you please share your SL and profit taking strategy?