OPEN-SOURCE SCRIPT
Hot_Cold_50W_200W_EMA
A MACD-style oscillator built from trend distance instead of raw EMAs. Instead of comparing two moving averages directly, it compares how far price has stretched from each one — surfacing whether short-term momentum is running ahead of or falling behind the long-term trend.
• Line 1 (orange) — % distance from the 200-week EMA (long-term trend)
• Line 2 (blue) — % distance from the 50-week EMA (short-term trend)
• Histogram — the gap between the two lines, shaded like a classic MACD histogram (full color when the gap is widening, faded when it's contracting)
A zero-line cross in the histogram marks a regime shift: short-term trend either breaking away from or collapsing back toward the long-term trend. Built-in alerts fire on both crossover directions.
Like its companion script (200W EMA Heat), all math runs on weekly bars via request.security() regardless of chart timeframe, with an "Avoid Repaint" toggle (on by default) to keep historical values stable.
Not financial advice — a momentum/regime tool meant to complement, not replace, your own analysis.
• Line 1 (orange) — % distance from the 200-week EMA (long-term trend)
• Line 2 (blue) — % distance from the 50-week EMA (short-term trend)
• Histogram — the gap between the two lines, shaded like a classic MACD histogram (full color when the gap is widening, faded when it's contracting)
A zero-line cross in the histogram marks a regime shift: short-term trend either breaking away from or collapsing back toward the long-term trend. Built-in alerts fire on both crossover directions.
Like its companion script (200W EMA Heat), all math runs on weekly bars via request.security() regardless of chart timeframe, with an "Avoid Repaint" toggle (on by default) to keep historical values stable.
Not financial advice — a momentum/regime tool meant to complement, not replace, your own analysis.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.