This MACD is designed with unique oversold and overbought detections, which you may not sell or buy immedidately. You may need to watch the trend movements and decide to buy or sell on current or next goldcross and deadcross respectively.
Function
Add oversold and overbought detections for MACD to locate proper entry point.
Key Signal
diff--> MACD fast line dea --> MACD slow line macdhisto --> MACD histogram overbought --> overbought signal oversold --> oversold signal
Pros and Cons
It assits you to locate a rough zone for overbought and oversold in classic MACD indicator. Classic MACD indicator does not have this function.
Remarks
Since we cannot look into the future, so it does not inform you on exact entries but alerts of current or next cross may be a good opportunity.
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
版本注释
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Adding a fix for error: "! Study Error - Pine cannot determine the referencing length of a series. Try using max_bars_back in the study or strategy function."
版本注释
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Add input for source selection and upgraded up pine v5
Thank you Blackcat!! Your scripts are always on another level!
limzhexian
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This indicator is helpful in my technical analysis! Thank you blackcat1402!
However one issue I encountered in this indicator. When checking some stocks, for example, "GOLD" by TVC cfd, the indicator wouldn't work well, showing this error message:
"! Study Error - Pine cannot determine the referencing length of a series. Try using max_bars_back in the study or strategy function."
May I check with you if this issue can be fixed in the next revision release?
Thank you. Appreciate your help!
blackcat1402
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@limzhexian, i have fixed this error and you can remove the old one from your chart and reload it to refresh
limzhexian
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@blackcat1402, it works well now. Thank you for the quick fix!
DRDREW2020
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I have used this Indicator for the past month and purposely without reading the background / pros / cons posted here. This is the BEST indicator I have ever used. On the 45 min chart, this is 100% predictive for understanding trend. On the 15 to 5 to 1 min charts, is perfect for entries and exits after understanding the trend.
Although I can use this indicator as a stand alone indicator, I used others in the past month for confirmation. Accumulation Distribution Indicator or ADL has been great for confirmation since it is based on Money Flow and Volume.
Request: On my MACD I set the Input Source as the Accumulation Distribution Indicator or ADL and not the typical average of Hi Lo Close etc. Can you allow Source as a selection in the Inputs? What is the default Source used in this indicator?
This is great! Am back testing. Is there a way to set an alert for the golden cross/dead cross? I'm trying to.
lowcheetoong
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Can anyone share on how to see this indicator?
madhu1948menon
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multi time frame pl
kingls1
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What is the overbought zone/area ? What is the oversold zone/area ? Nothing is labeled bluntly. I have an idea, but its still a mystery. I'd like to use the indicator correctly, otherwise there is no point in using it.