OPEN-SOURCE SCRIPT
TRADE ORBIT:Dual MACD + HEMA Trend
This indicator combines dual MACD histograms with a Harmonic EMA (HEMA) trend overlay to provide comprehensive trend analysis, buy/sell signals, and dynamic support/resistance zones.
Features:
Dual MACD System:
Background Coloring: Uses MACD(100,200,50) histogram to color the chart background:
Green = bullish momentum
Red = bearish momentum
Buy/Sell Signals: Uses MACD(34,144,9) histogram crossovers for trade signals:
BUY Signal: Histogram crosses above zero and background is green
SELL Signal: Histogram crosses below zero and background is red
Signals are plotted as labels on the chart.
HEMA Trend Overlay:
Uses short and long HEMA lines (default 20 & 40) to detect trend direction.
Colors bars dynamically based on trend:
Green = bullish
Red = bearish
Gray = neutral or indecisive
Provides gradient fill between HEMA lines to visually highlight trend strength.
Trend Boxes & Markers:
Bullish/bearish boxes highlight areas of potential support/resistance based on HEMA crossovers.
Markers (▲ / ▼) appear when the price interacts with trend boxes for easy visual confirmation.
Alerts:
HEMA crossovers (bullish/bearish)
Price tests of bullish/bearish boxes
Optionally, can add alerts for MACD BUY/SELL signals.
Visualization:
MACD histograms plotted as columns for reference
Dynamic bar colors reflecting HEMA trend
Combined view gives a multi-layered trend analysis on a single chart.
Use Case:
Ideal for traders who want to filter trades by overall trend (background MACD), time precise entries/exits (MACD signals), and confirm trend strength (HEMA overlay) in a single indicator.
Features:
Dual MACD System:
Background Coloring: Uses MACD(100,200,50) histogram to color the chart background:
Green = bullish momentum
Red = bearish momentum
Buy/Sell Signals: Uses MACD(34,144,9) histogram crossovers for trade signals:
BUY Signal: Histogram crosses above zero and background is green
SELL Signal: Histogram crosses below zero and background is red
Signals are plotted as labels on the chart.
HEMA Trend Overlay:
Uses short and long HEMA lines (default 20 & 40) to detect trend direction.
Colors bars dynamically based on trend:
Green = bullish
Red = bearish
Gray = neutral or indecisive
Provides gradient fill between HEMA lines to visually highlight trend strength.
Trend Boxes & Markers:
Bullish/bearish boxes highlight areas of potential support/resistance based on HEMA crossovers.
Markers (▲ / ▼) appear when the price interacts with trend boxes for easy visual confirmation.
Alerts:
HEMA crossovers (bullish/bearish)
Price tests of bullish/bearish boxes
Optionally, can add alerts for MACD BUY/SELL signals.
Visualization:
MACD histograms plotted as columns for reference
Dynamic bar colors reflecting HEMA trend
Combined view gives a multi-layered trend analysis on a single chart.
Use Case:
Ideal for traders who want to filter trades by overall trend (background MACD), time precise entries/exits (MACD signals), and confirm trend strength (HEMA overlay) in a single indicator.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.