MACD Multiple Time Frames Weighted Momentum Score Oscillator

Sep 16, 2020

This script looks at the current momentum direction (up or down) for the 5 minute, 30 minute, 1 hour, 4 hour and daily and allows you to set scores of importance to these.

These scores are then added up to create an oscillator matching your preferences. Tune the indicator to match what you believe is the most important time frames that people use and score it accordingly. The values I put by default are just for demonstration.

For example, (and if you want to test to verify it's working), set the scores to 0 for everything except for the daily). Look at the daily macD by adding it as an indicator and set a score. Whenever the macD is trending up it will add the appropriate value to the score and likewise remove it when it's not.

Enjoy!

Sep 17, 2020

Release Notes

I added an option in the settings to visualize the MacD Lines. This helps to verify/inspect the MacD in the various time frames.

Sep 17, 2020

Release Notes

I added a smoothing factor that you can turn off if you like the old version, just go into the settings. This makes it a little easier to use without sudden jerky movements.