MACD - Bollinger Bands — Indicator by tradearcher

Moving Average Convergence / Divergence (MACD) BB Bollinger Bands (BB)

macd bb bollingerbands

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MACD as input for BB.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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//@version=2
//Created By User Trade Archer (Kevin Johnson)
//  Request by: ??
//  Last Update 4/29/2016
//  MACD with BB applied to it
study(shorttitle="MACD-BB v1", title="MACD - Bollinger Bands", overlay=true)
src = input(close, title="Source")

macdfastLength = input(12, minval=1)
macdslowLength=input(26,minval=1)
macdsignalLength = input(9,minval=1)
bblength = input(20, minval=1, title="BB length")
bbmult = input(2.0, minval=0.001, maxval=50, title="Multiplier")

fastMA = ema(src, macdfastLength)
slowMA = ema(src, macdslowLength)
macd = fastMA - slowMA
macdsignal = sma(macd, macdsignalLength)

bbbasis = sma(macd, bblength)

bbdev = bbmult * stdev(macd, bblength)
bbupper = bbbasis + bbdev
bblower = bbbasis - bbdev
plot(bbbasis, color=purple, linewidth=1, title="BB Basis")
p1 = plot(bbupper, color=blue, linewidth=1, title="BB Upper Band")
p2 = plot(bblower, color=blue, linewidth=1, title="BB Lower Band")
fill(p1, p2, title="BB fill")

macdhist = macd - macdsignal
plot(macdhist, color=red, style=columns, title="MACD Histogram")
plot(macd, color=black, linewidth=2, title="MACD")
plot(macdsignal, color=fuchsia, linewidth=1, title="MACD Signal")
plot(0, color=black, linewidth=1, title="Axis")