This indicator combines 3 elements:- 1. MACD which will act as a source of potential Buy Signal 2. PSAR which provides the confirmation for buy signal and for potential Buy on Dip Strategy 3. Breakout candles which provides the confirmation signal for Buy on Breakout strategy 4. The direction of the trend is provided by the Exponential Moving Average
The strategy is to have any counters which has triggered the MACD Golden Cross signal. These counters are to be out under watchlist for further confirmation.
The Buy Signal is confirmed when:- 1. Price is above EMA Direction(standard is set at 200) 2. PSAR has given the Buy Signal OR a Breakout Candle occurs.
Buy Signal is shown with a Green Diamond symbol whilst the Sell Signal is shown in Red Diamond Symbol. The bullish and bearish condition is set via a green and red background
The MACD and PSAR codes are derived from the standard codes which is available in tradingview.
Hi , great indicator , but is there a possibility to have a zero lag macd instead of the normal macd, cause then the signals will be much better and not late , I wish for a consideration for the potential approach:) , and thanks in advance :)
TradingPro3000
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Hi @MIYsaham, many thanks for this great indicator! Could you add alerts for buy and sell? Thanks again.