OPEN-SOURCE SCRIPT
Support and Resistance with MACD Indicator
Original script from ©akpaswaniitk. I just added MACD to filter out bad trades and alert function so that we get notified whenever indicator gives us an entry signal. Most of the false breakout has been removed but the remaining ones only pop up during consolidation, so it's wait for the retest before entry. Works better in continuous market. Also look at the color of EMA for further confirmation, only focus on buy side when EMA is green and sell when EMA is red or when after the buy signal EMA changes color from red to green. These are the highly profitable setups I've found with this indicator.
Signals
*Red or Green solid line with diamond are trailing stoploses
*dotted black line is entry level
*dotted white line is optimal exit
Signals
*Red or Green solid line with diamond are trailing stoploses
*dotted black line is entry level
*dotted white line is optimal exit
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