This is a combination of a slightly sped up MACD overlay on top of a modified Bar Trend Squeeze or highly modified Momentum indicator. Helps to see the trend/momentum matched with the characteristics of the MACD and it's historiography. Very user friendly for adjusting color, transparency, depth, lines, size, etc.
MACD is the dark gray line. Its signal slower line is orange. Its historiography is the area fill blues and reds
Trend Squeezer / momentum are the Bars in the background.
// Changes from original version \\
Visual depth mostly. Most of the items are adjustable in the settings. Increased user friendly inputs to adjust colors, lines, data, etc. (darken / lighten and change background bar colors, increase/decrease line strengths and colors, adjust field data inputs)
Very well made script however I have some questions as to which strategies are best suited.
Apart from just trading the MA cross what other strategies would you use with this indicator? How do you intepret the bars and what purpose do they serve? Also have you found any way to create signals based on the backround bars and the MA's?
I have not yet gone down the path of signals for any of my scripts. I am a visual interpreter of indicators and is the #1 reason why I made a few 'custom' open source scripts. I have already entered a trade ahead of the MACD signalling because of the other indicators I use. The MACD signalling confirms my trade to continue the ride. Bull or Bear.
I use my other script: MFI RSI w STOCH OVERLAY V3 and use library script Godmode 3.2 with some adjustments. These 3 window indicators after some time learning their movements have improved my profits. Although I've been staring at indicators for many years, and BTC is nicely volatile and can change direction on a dime, which indicators cannot foresee, and is the reason for the new MACD Trend Squeezer, it brings in that element that a reversal could happen no matter where and what direction the MACD gray line is pointing and/or heading. "Yellow Bars". Those momentum Bars are key, this is a new combination indicator and I have not but used it for a few weeks. I'm also learning the nuances of this newly created visual indicator combination.
I like to trade the 4 hour strategy and enter trades using all the lessor time frames for entry accuracy. I have used the strategies 1 hour and 15 min for some day trading quick scalping, and still honing down on the lessor TF's for entry accuracy. Another reason I like all these indicators is the information they provide on all the time frames used.
Apart from just trading the MA cross what other strategies would you use with this indicator? How do you intepret the bars and what purpose do they serve? Also have you found any way to create signals based on the backround bars and the MA's?