OPEN-SOURCE SCRIPT
Moving Average Convergence Divergence with RSI
This TradingView Pine Script combines the Moving Average Convergence Divergence (MACD) indicator with the Relative Strength Index (RSI) to provide a comprehensive analysis of market trends and momentum. The script calculates the MACD using customizable fast and slow lengths, allowing users to select either Simple Moving Averages (SMA) or Exponential Moving Averages (EMA) for both the oscillator and signal line. It plots the MACD line, signal line, and histogram with adjustable alert conditions for trend changes. Additionally, the script computes the RSI value to complement the MACD analysis, helping traders gauge overbought or oversold conditions.
To enhance user experience, the script features a visually intuitive design with customizable background colors for the histogram, indicating positive and negative trends with green and red shades, respectively. A data table is also included, showing the status of the MACD histogram and RSI values for quick reference. This dual-indicator setup is tailored for traders looking to combine momentum and trend-following strategies into a single, versatile tool.
To enhance user experience, the script features a visually intuitive design with customizable background colors for the histogram, indicating positive and negative trends with green and red shades, respectively. A data table is also included, showing the status of the MACD histogram and RSI values for quick reference. This dual-indicator setup is tailored for traders looking to combine momentum and trend-following strategies into a single, versatile tool.
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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