OPEN-SOURCE SCRIPT

Price Cross ━ [whvntr]

Updated

This oscillator is an attractive way to view hidden price divergence... The formula originated from the Lark, but I have cleanly displayed this information. When the two moving averages (ema) cross with a simple moving average, you find the hidden price divergence. What kind of market should you use this in? It works well when a trend is already established.

Disclaimer: This indicator does not constitute investment advice. Trade at your own
risk with this method of identifying hidden price divergence.

Release Notes

update description: investopedia.com: "Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of a security's price. Traders use the MACD to identify when bullish or bearish momentum is high to identify entry and exit points for trades.." So, then, also one could deduct that a SMA, crossed with the MACD, could show the relationship between the bullish or bearish momentum of the MACD.

Release Notes

Added upper and lower bands

Release Notes

Updated description: This Indicator varies from Volume Cross, in that,well... it doesn't use volume but instead uses standard price deviations

Release Notes

Updates include switching the MACD lengths to 7 & 5, from 26 & 12. Color scheme updated.

Release Notes

Updated description: This custom indicator is a modified version of the Moving Average Convergence Divergence (MACD) oscillator, which is a trend-following momentum indicator used to identify changes in a security's strength, direction, momentum, and duration of a trend. The MACD oscillator calculates the difference between two exponential moving averages (EMAs) of different lengths and presents it as a line that oscillates above and below the zero line, indicating overbought and oversold conditions. This indicator includes some modifications, such as a simple moving average (SMA) line that crosses with the EMAs and highlights bearish and bullish signals with dots and shapes, respectively.

The indicator is best suited for markets that trend well, such as Forex or cryptocurrency markets. It can be used to identify potential entry and exit points for trades based on changes in bullish or bearish momentum. When the MACD crosses the SMA from below, it may indicate a buy signal, while a cross from above may indicate a sell signal.

To use this indicator, traders may look for crossovers between the SMA and EMAs, as well as bullish or bearish signals indicated by the dots and shapes. However, it is important to note that no indicator is foolproof and should always be used in conjunction with other forms of analysis and risk management techniques, such as stop-loss orders.

**Plots made editable (Step is adjustable, by a larger number, in the Style menu)

Release Notes

You now have the option to enable or disable custom bar coloring with a simple checkbox in the settings. When enabled, the bars will be colored solid red during bearish momentum and solid green during bullish momentum, helping you make more informed trading decisions at a glance.

Release Notes

Bar Colors set to off by default

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?

whvntr

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.