OPEN-SOURCE SCRIPT
[PAPI] TF-OBV-ATR-Weighted MACD
This is a MACD indicator with a few differences:
Multi-Timeframe: The indicator calculates the "MACD", the "Signal" and the "Histogram" for four user-defined timeframes.
Volume weighted: The three MACD variables calculated for each timeframe above are weight-averaged according to On Balance Volume (OBV).
Volatility weighted: The three MACD variables calculated for each time frame above are also weight-averaged according to Average True Range (ATR)
The MACD, Signal and Histogram are plotted.
I use the indicator twice. Once with the user defined Timeframes set to high TFs (Month/Week/Day/4h) - this is for directional bias. And once with lower TFs (1m/3m/15m/1h).
Multi-Timeframe: The indicator calculates the "MACD", the "Signal" and the "Histogram" for four user-defined timeframes.
Volume weighted: The three MACD variables calculated for each timeframe above are weight-averaged according to On Balance Volume (OBV).
Volatility weighted: The three MACD variables calculated for each time frame above are also weight-averaged according to Average True Range (ATR)
The MACD, Signal and Histogram are plotted.
I use the indicator twice. Once with the user defined Timeframes set to high TFs (Month/Week/Day/4h) - this is for directional bias. And once with lower TFs (1m/3m/15m/1h).
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.
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.
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.