OPEN-SOURCE SCRIPT

Simple Macd Momentum Reversal Indicator

Updated

This Simple indicator uses the MACD history to check trend reversals. It primarily check if the histogram has moved up from a downtrend above a certain margin. If it has, it places a green B on the chart. If you were to use/improve this indicator, please use it with other indicators to confirm your position. This is NOT an indicator that can be well used alone.

Release Notes

I have changed the verification requirements a bit, so that it is a bit more consistent and accurate.
The Indicator is now a '^' instead of a 'B'

Enjoy!

Release Notes

Got rid of useless variables in the pine script and change some names to make it easier to read and understand.
Changed the color of the '^' buy character from the he code '#7FFF00' to the color 'color.lime'.

Enjoy and add any suggestions in the comments!

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?

xavlumme

Disclaimer

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