The study/script is based on Wilders MACD, and has its roots in "Learning to Fish", and "Paid by The Hour", made popular by Daniel on Twitter. This takes Daniel's work a step further.
As stated, this MACD Wilders based study. By using this script in TradingView you can take guesswork out of the "curls" and "I think it's curling up? Let me check the blue line and subtract..." Forget all that. This study alerts you with big red arrows and big green arrows, and a banner and a message. And it makes sounds. Alert for bullish and a different sound for bearish.
This study is timeframe and instrument agnostic. Use it to daytrade, swing trade, or trade pairs. I've personally found a lot of success using this, trading pairs (SQQQ/TQQQ or TNZ/TZA, for example) on the 5m and 15m intervals. It's also been very accurate on PBTH using stocks like SQ or BX.
With arrows showing the MACD curl, it makes trading a lot easier.
Also included are 4 built in alert conditions:
upsignal - A bullish alert for 1 bar on the MACD.
upsignalconfirm - A bullish alert on 2 consecutive bars on the MACD. Confirmation alert.
downsignal - A bearish alert for 1 bar on the MACD.
downsignalconfirm - A bearish alert on 2 consecutive bars on the MACD. Confirmation alert.
I can help setup alerts for you if need be, or if you're fluent in TradingView, you're welcome to do that yourself. The premise here, is that the upsignal is a bullish indicator (and is indicated with a green up arrow on the BenMACD chart) and the downsignal is a bearish indicator (and is indicated with a red down arrow on the BenMACD chart).
The upsignalconfirm and downsignal confirm and alerts built into the code. The alerts themselves will have to be created, but they're already here for easy reference and installation.
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Added green and red flags for confirmation.
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Updated MACD line to change from red to green and back when it flips.
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Fixed colors
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Made green bright on MACD line
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arrows brighter green.
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Changed the bar setting from "open" price to "close" price.
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Removed flags for confirmation, seeing adding in a color changing MACD line addresses the same thing. Also cleans up the chart.
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touchups
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Updated alerting messaging.
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Darkened the arrows to delineate from the histogram.