OPEN-SOURCE SCRIPT
Updated MACRS {Lite}
This is the open-source stripped down version of the full-featured RSI-MACD indicator (MACRS), with the ADO and the option to filter out weekend price action removed.
The main oscillator is the RSI modulated by the MACD (default). The RSI mode can be disabled to revert to a normal MACD oscillator for the main oscillator.
When the main oscillator (thicker line) is > 0, it is green; and if it is < 0, it is red.
The MACD can be re-scaled and whenever its value > 100, a background fill between the oscillator and the zeroline appear to indicates overbought condition; and < -100 indicates oversold condition. The user can tweak the scaling factor to optimize this for a given chart and timeframe.
A (thick transparent light blue) volume oscillator is also provided. An increase in volume trend provides confirmation of (or solidifies) the movements in the main oscillator over that period. A falling volume oscillator trend raises doubts on the main oscillator trend, and hints of the possibility of a counter-trend (also look at the secondary ADO oscillator for clues).
The novel aspects and principles of this indicator and this source code are the property of © cybernetwork.
This indicator and script is free for the TV community to use.
The main oscillator is the RSI modulated by the MACD (default). The RSI mode can be disabled to revert to a normal MACD oscillator for the main oscillator.
When the main oscillator (thicker line) is > 0, it is green; and if it is < 0, it is red.
The MACD can be re-scaled and whenever its value > 100, a background fill between the oscillator and the zeroline appear to indicates overbought condition; and < -100 indicates oversold condition. The user can tweak the scaling factor to optimize this for a given chart and timeframe.
A (thick transparent light blue) volume oscillator is also provided. An increase in volume trend provides confirmation of (or solidifies) the movements in the main oscillator over that period. A falling volume oscillator trend raises doubts on the main oscillator trend, and hints of the possibility of a counter-trend (also look at the secondary ADO oscillator for clues).
The novel aspects and principles of this indicator and this source code are the property of © cybernetwork.
This indicator and script is free for the TV community to use.
Release Notes
Updated short-title.Release Notes
Corrected typos.Release Notes
Changed default MACD rescale factor to 100%Release Notes
Updated plot labels.Release Notes
Set MACD state fill condition to = 0.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
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.