OPEN-SOURCE SCRIPT
MACD Leader [ChuckBanger]
MACD makes use of moving averages and therefor usually lags behind the price. It is possible to eliminate lag completely but the work around of this is usually by adding a component of the price/MA difference back to MA. This technique is called Zero-lag. It is not zero lag but it is close enough. "MACD Leader" makes use of this to form a leading signal to MACD.
First proposed by Giorgos E. Siligardos, "Leader" leads normal MACD , especially when significant trend changes are about to take place. This has the following features:
- It is similar to MACD in smoothness.
- It can be plotted along with MACD in the same window using the same scaling.
- It has the ability to lead MACD at critical situations
For detailed discussion on the various divergence patterns, refer to the PDF here: drive.google.com/file/d/1Nr7kfZJ3pwM1meI8qzVBnpjLgzYZUHH1/view?usp=sharing
This script provide an option to plot MACD and MACD leader signal on the same pane. You can enable/disable them how you want via options page. It also has the option to change to different MA types.
First proposed by Giorgos E. Siligardos, "Leader" leads normal MACD , especially when significant trend changes are about to take place. This has the following features:
- It is similar to MACD in smoothness.
- It can be plotted along with MACD in the same window using the same scaling.
- It has the ability to lead MACD at critical situations
For detailed discussion on the various divergence patterns, refer to the PDF here: drive.google.com/file/d/1Nr7kfZJ3pwM1meI8qzVBnpjLgzYZUHH1/view?usp=sharing
This script provide an option to plot MACD and MACD leader signal on the same pane. You can enable/disable them how you want via options page. It also has the option to change to different MA types.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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