displaying the MACD Histogram color and divergences across multiple timeframes. Here's how it works step by step:
1. Setting the Table Position The script allows the user to choose where the table will be placed using the positionOption input. The three options are:
Top Right Top Left Top Center Depending on the selected option, the table is created at the corresponding position.
2. Creating the Table A table (macdTable) is created with 8 columns (for different timeframes) and 3 rows (for different data points).
3. MACD Histogram Color Function (f_get_macd_color) This function calculates the MACD line, signal line, and histogram for a given timeframe. The histogram (histLine) is used to determine the cell background color: Green if the histogram is positive. Red if the histogram is negative. 4. Divergence Detection Function (f_detect_divergence) This function looks for bullish and bearish divergences using the MACD histogram:
Bullish Divergence (🟢) The price makes a lower low. The MACD histogram makes a higher low. Bearish Divergence (🔴) The price makes a higher high. The MACD histogram makes a lower high. The function returns:
🟢 (green circle) for bullish divergence. 🔴 (red circle) for bearish divergence. "" (empty string) if no divergence is detected. 5. Populating the Table The table has three rows for each timeframe:
First row: Displays the timeframe labels (5m, 15m, 30m, etc.). Second row: Shows MACD Histogram color (red/green). Third row: Displays divergences (🟢/🔴). This is done using table.cell() for each timeframe.
6. Final Result A table is displayed on the chart. Each column represents a different timeframe. The color-coded row shows the MACD histogram status. The bottom row shows detected divergences.
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.
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.