OPEN-SOURCE SCRIPT
MA Bandwidth Entry Signal with MACD and Deviation Bands
This indicator plots the minimum and maximum deviation bands for selected moving averages to highlight potential entry points in the market. It calculates and displays the upper and lower bounds using 1 and 2 standard deviations for 100-period, 160-period, and 40-period moving averages. Entry signals are provided based on conditions involving MACD histogram analysis, moving average cross-references, and standard deviation bands. The indicator marks potential long entries with a red arrow and short entries with a green arrow when specific conditions are met. It simplifies trend detection without plotting the actual moving averages.
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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