OPEN-SOURCE SCRIPT
TUE ADX/MACD Confluence V1.0
The ADX and MACD confluence can be a powerful predictor in stock movements. This script will help you find those confluences in an easy to understand visual manner.
It includes Buy and Sell signals for detected confluences, and will show colored candles to help you determine when to exit a trade. When the candles turn to white that means the detected confluence is no longer in play and you may want to consider a trailing stop loss.
The Buy and Sell signals will display on the first occurrence of each confluence.
It's important to understand that both of these are lagging indicators, but with a careful attention to your stoploss you can easily generate a positive profit factor.
This code is provided open source and you're free to use it for any purpose other than resale.
It includes Buy and Sell signals for detected confluences, and will show colored candles to help you determine when to exit a trade. When the candles turn to white that means the detected confluence is no longer in play and you may want to consider a trailing stop loss.
The Buy and Sell signals will display on the first occurrence of each confluence.
It's important to understand that both of these are lagging indicators, but with a careful attention to your stoploss you can easily generate a positive profit factor.
This code is provided open source and you're free to use it for any purpose other than resale.
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.
Want to use this script on a chart?
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