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OPEN-SOURCE SCRIPT

VW MACD by Kengtrex

By Eeniex
The Volume-Weighted Moving Average Convergence Divergence (VW MACD) is an enhanced version of the traditional MACD, incorporating volume data for more accurate trend analysis.
Key Features:

Utilizes Volume-Weighted EMAs in MACD calculation
Displays crossovers with green (bullish) and red (bearish) dots
Background color changes to highlight MACD-Signal relationship

Advantages:

More sensitive to volume changes, potentially identifying trend reversals earlier
Reduces false signals by considering volume
Suitable for both short and medium-term analysis

Usage:

VW MACD crosses above Signal (green dot): Potential buy signal
VW MACD crosses below Signal (red dot): Potential sell signal
Use in conjunction with trend and support/resistance analysis for confirmation

Customize parameters to suit your trading asset and timeframe for optimal results.
Developed by Kengtrex - An indicator developer focused on integrating volume data with technical analysis tools to enhance trading efficiency.
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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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