OPEN-SOURCE SCRIPT
MACD & RSI by DSz
MACD & RSI by DSz
Description:
This indicator combines two powerful technical analysis tools: MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), providing a comprehensive view of market momentum and overbought/oversold conditions, all in one convenient display.
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Features:
Displays the difference between fast and slow moving averages.
Includes a signal line and histogram to identify bullish/bearish crossovers and momentum changes.
Colors the histogram bars dynamically based on momentum.
RSI values are scaled to a range for enhanced clarity on the chart.
Highlights overbought and oversold areas with colored zones.
Includes customizable upper (Sell Level) and lower (Buy Level) thresholds for precise trading signals.
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Customizable Parameters:
Modify MACD lengths, smoothing types, and source data.
Adjust RSI length, scaling factor, and thresholds for buy/sell levels.
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How to Use:
Use the MACD Histogram to detect trends and momentum shifts. A crossover of the MACD line above or below the signal line can indicate potential buy or sell opportunities.
The RSI Zones help identify when the market is overbought (red area) or oversold (green area), aiding in reversal detection.
Combine both tools for confirmation: e.g., an oversold RSI along with a bullish MACD crossover could signal a strong buying opportunity.
Description:
This indicator combines two powerful technical analysis tools: MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), providing a comprehensive view of market momentum and overbought/oversold conditions, all in one convenient display.
----------------------------------------------------------------------------------
Features:
- MACD (Moving Average Convergence Divergence):
Displays the difference between fast and slow moving averages.
Includes a signal line and histogram to identify bullish/bearish crossovers and momentum changes.
Colors the histogram bars dynamically based on momentum.
- Scaled RSI (Relative Strength Index):
RSI values are scaled to a range for enhanced clarity on the chart.
Highlights overbought and oversold areas with colored zones.
Includes customizable upper (Sell Level) and lower (Buy Level) thresholds for precise trading signals.
----------------------------------------------------------------------------------
Customizable Parameters:
Modify MACD lengths, smoothing types, and source data.
Adjust RSI length, scaling factor, and thresholds for buy/sell levels.
----------------------------------------------------------------------------------
How to Use:
Use the MACD Histogram to detect trends and momentum shifts. A crossover of the MACD line above or below the signal line can indicate potential buy or sell opportunities.
The RSI Zones help identify when the market is overbought (red area) or oversold (green area), aiding in reversal detection.
Combine both tools for confirmation: e.g., an oversold RSI along with a bullish MACD crossover could signal a strong buying opportunity.
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.
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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.