OPEN-SOURCE SCRIPT
Updated MACD Threshold Crossover v2.0 Trend Filter
This is a script to bring 'Buy' and 'Sell' signals, which can also be used for alerts, for when the MACD fast and slow lines cross.
A 'Buy' signal prints when the fast MACD crosses above the slow MACD (a distance of at least 0.00003), whilst being below the MACD 0 level (w/ 0.00015 margin).
A 'Sell' signal prints when the fast MACD crosses below the slow MACD (a distance of at least -0.00003) whilst being above the MACD 0 level (w/ 0.00015 margin).
Furthermore Buy signals are only valid if candle closes above the 200EMA. Likewise Sell signals are only valid if candle closes below the 200 EMA, and all other conditions are met.
A 'Buy' signal prints when the fast MACD crosses above the slow MACD (a distance of at least 0.00003), whilst being below the MACD 0 level (w/ 0.00015 margin).
A 'Sell' signal prints when the fast MACD crosses below the slow MACD (a distance of at least -0.00003) whilst being above the MACD 0 level (w/ 0.00015 margin).
Furthermore Buy signals are only valid if candle closes above the 200EMA. Likewise Sell signals are only valid if candle closes below the 200 EMA, and all other conditions are met.
Release Notes
Was a small bug where if a 'Sell' crossover took place above the 200EMA, and then price moved below the 200EMA several candles later, a Sell trigger would print.This has been corrected so we're only triggered by crossovers that take place on the correct side of the EMA, at the time of the crossover
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.