OPEN-SOURCE SCRIPT
MACD Support and Resistance [trader9999]
# MACD Support & Resistance Overlay
MACD Support & Resistance Overlay combines MACD crossover signals with automatically generated Support and Resistance levels directly on the price chart.
The indicator identifies bullish and bearish MACD crossovers, then locates nearby swing highs and swing lows to create dynamic Support and Resistance levels that adapt to current market conditions.
## Features
• Automatic Support levels generated from bullish MACD crossovers.
• Automatic Resistance levels generated from bearish MACD crossunders.
• Broken levels are automatically removed to keep the chart clean and relevant.
• Buy and Sell diamond signals displayed directly on the price chart.
• Real-time price labels for active Support and Resistance levels.
• Works on all timeframes.
• Especially useful for scalping, intraday trading, and swing trading.
## How It Works
### Buy Signal
A bullish MACD crossover creates a new Support level and plots a Buy signal on the chart.
### Sell Signal
A bearish MACD crossunder creates a new Resistance level and plots a Sell signal on the chart.
### Support Levels
Support levels remain active until price breaks below them.
### Resistance Levels
Resistance levels remain active until price breaks above them.
## Trading Ideas
• Use Support and Resistance levels as potential entry, exit, or target areas.
• Combine signals with price action confirmation for higher probability setups.
• Stronger levels are often formed when price reacts multiple times without breaking.
• Can be used together with Bollinger Bands, Moving Averages, Supply & Demand Zones, or market structure analysis.
## Best Timeframes
Recommended for:
* M1
* M5
* M15
* H1
Particularly effective for fast-moving instruments such as Gold (XAUUSD), major Forex pairs, and index CFDs.
## Disclaimer
This indicator is designed as a technical analysis tool and should not be considered financial advice. Always apply proper risk management and perform your own analysis before entering any trade.
MACD Support & Resistance Overlay combines MACD crossover signals with automatically generated Support and Resistance levels directly on the price chart.
The indicator identifies bullish and bearish MACD crossovers, then locates nearby swing highs and swing lows to create dynamic Support and Resistance levels that adapt to current market conditions.
## Features
• Automatic Support levels generated from bullish MACD crossovers.
• Automatic Resistance levels generated from bearish MACD crossunders.
• Broken levels are automatically removed to keep the chart clean and relevant.
• Buy and Sell diamond signals displayed directly on the price chart.
• Real-time price labels for active Support and Resistance levels.
• Works on all timeframes.
• Especially useful for scalping, intraday trading, and swing trading.
## How It Works
### Buy Signal
A bullish MACD crossover creates a new Support level and plots a Buy signal on the chart.
### Sell Signal
A bearish MACD crossunder creates a new Resistance level and plots a Sell signal on the chart.
### Support Levels
Support levels remain active until price breaks below them.
### Resistance Levels
Resistance levels remain active until price breaks above them.
## Trading Ideas
• Use Support and Resistance levels as potential entry, exit, or target areas.
• Combine signals with price action confirmation for higher probability setups.
• Stronger levels are often formed when price reacts multiple times without breaking.
• Can be used together with Bollinger Bands, Moving Averages, Supply & Demand Zones, or market structure analysis.
## Best Timeframes
Recommended for:
* M1
* M5
* M15
* H1
Particularly effective for fast-moving instruments such as Gold (XAUUSD), major Forex pairs, and index CFDs.
## Disclaimer
This indicator is designed as a technical analysis tool and should not be considered financial advice. Always apply proper risk management and perform your own analysis before entering any trade.
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.