OPEN-SOURCE SCRIPT
MACD + RSI Combined
The "MACD + RSI Combined" indicator merges the strengths of the MACD and RSI for enhanced market analysis. It calculates the MACD histogram, signal line, and RSI, combining them using a customizable weight factor, alpha. Scaled RSI centers around zero, while the MACD histogram is color-coded—green for rising momentum and red for falling momentum. A dynamic histogram scaling option allows better visualization. Additionally, overbought/oversold zones are highlighted, aiding traders in identifying potential trend reversals.
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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