OPEN-SOURCE SCRIPT
MA Direction Histogram
The MA Direction Histogram is a simple yet powerful tool for visualizing the momentum of a moving average (MA). It highlights whether the MA is trending up or down, making it ideal for identifying market direction quickly.
Key Features:
1. Custom MA Options: Choose from SMA, EMA, WMA, VWMA, or HMA for flexible analysis.
2. Momentum Visualization: Bars show the difference between the MA and its value from a lookback period.
- Blue Bars: Upward momentum.
- Yellow Bars: Downward momentum.
3. Easy Customization: Adjust the MA length, lookback period, and data source.
How to Use:
- Confirm Trends: Positive bars indicate uptrends; negative bars suggest downtrends.
- *Spot Reversals: Look for bar color changes as potential reversal signals.
Compact, intuitive, and versatile, the "MA Direction Histogram" helps traders stay aligned with market momentum. Perfect for trend-based strategies!
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 publications 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.