The "MACD_with_reference" indicator aims to illustrate the MACD (Moving Average Convergence Divergence) on two distinct timeframes: the base timeframe (typically the chart's timeframe, e.g., 1D) and the reference timeframe (defaulted to 1W). This tool provides a means to determine momentum shifts within the stock, potentially guiding traders in adjusting or trimming positions.
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Key Features of the Indicator: - Dual Timeframe MACD: Displays MACD on both the primary (base) and higher (reference) timeframes - transparent. - Momentum Analysis: indication of MACD crossdown of the signal line on the refenence TF to indicate momentum loss on the higher timeframe, guiding decisions to manage positions. - MACD Line Status: Beneath the chart, a red/green bar line signifies the MACD line's position relative to the signal line on the higher timeframe. - Alert Creation: Allows for alerts on the MACD and signal line crossdown on the higher timeframe, aiding in planning stop-loss settings for owned stocks.
The "MACD_with_reference" indicator finds optimal usage in several scenarios: - Chart Analysis: Replacing the MACD indicator during chart reviews. - Alert Setup: Setting alerts for owned stocks to plan ahead for stop-loss placements or position closures.
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릴리즈 노트
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Interestingly, the MACD indicator itself uses repainting by default, so on weekly charts the update happens on Monday. Having it off by default in my script used to update the weekly MACD on Tuesday, which is not what is needed. Align with the general MACD indicator and use bmerge.gaps_on
Can it possible to increase color visibility of Reference TF
vpirinski
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hey, @suvomoy17, if you go to the indicator Settings there is a "
Reference MACD transparency %
" which you can use to set the transparency of the reference TF. Currently it uses the same colors as the base TF though, if you find it useful I can update to use different set of colors as well.