4 colour MACD with signal line — Indicator by vkno422

macd 4 colored signal

This is the same as the MACD 4C but it also has the signal line.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study(shorttitle = "MACD 4CS", title = "4 colour MACD with signal line")
fastMA = input(title="Fast moving average", type = integer, defval = 12, minval = 7)
slowMA = input(title="Slow moving average", type = integer, defval = 26, minval = 7)
signalIn = input(title="Signal period", type = integer, defval = 9, minval = 3)
lastColor = yellow
[currMacd,currSignal,_] = macd(close[0], fastMA, slowMA, signalIn)
[prevMacd,prevSignal,_] = macd(close[1], fastMA, slowMA, signalIn)
plotColor = currMacd > 0 
    ? currMacd > prevMacd ? lime : green 
    : currMacd < prevMacd ? maroon : red
plot(currMacd, style = histogram, color = plotColor, linewidth = 3)
plot(currSignal, style = line, color = aqua, linewidth = 1)
plot(0, title = "Zero line", linewidth = 1, color = gray)