This adds visual cue for when MACD histogram bars is decreasing when above the zero-line, and increasing when below the zero-line.
Based on:
Based on:
//@version=2
study("MACD Colors", overlay = false)
// This adds visual cue for when MACD histogram bars is decreasing when above the zero-line, and
// when increasing when below the zero-line.
//
// Based on: https://www.tradingview.com/script/4IYKX938-MACD-4C/
fastMA = input(title="Fast Length", type = integer, defval = 12)
slowMA = input(title="Slow Length", type = integer, defval = 26)
src = input(title="Source", type=source, defval=close)
signalSmooth = input(title="Signal smoothing", type = integer, defval = 9)
sma_macd = input(title="Simple MA (for MACD line)", type = bool, defval = false)
sma_signal = input(title="Simple MA (for signal line)", type = bool, defval = false)
MACDLine = if sma_macd
sma(src, fastMA) - sma(src, slowMA)
else
ema(src, fastMA) - ema(src, slowMA)
SignalLine = if sma_signal
sma(MACDLine, signalSmooth)
else
ema(MACDLine, signalSmooth)
MACDHistogram = MACDLine - SignalLine
plotColor = if MACDHistogram > 0
MACDHistogram > MACDHistogram[1] ? lime : green
else
MACDHistogram < MACDHistogram[1] ? maroon : red
plot(MACDLine, style = line, color = blue)
plot(SignalLine, style = line, color = orange)
plot(MACDHistogram, style = columns, color = plotColor)
plot(0, title = "Zero line", linewidth = 1, color = gray)