I like using both MACD and RSI for my strategies to confirm patterns, but I really only check RSI to see if it is outside of the normal range. So I rewrote the MACD indicator to color bars that are above or below the set RSI boundaries in a different color (yellow by default) so I can quickly check that parameter without needing both indicators up.
This is my first indicator, so please feel free to let me know how I might clean it up!
If you can make it as macd 4c and let Rsi warning print on the histogram
JoshJaySalazar
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@Mycandel5, Sorry, I don't really maintain these anymore, but you're welcome to make your own version based on this!
HomieSingh
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@Mycandel5, Change Fast length to 34 and Slow length to 144, it will make it almost similar to MACD 4C
jjudice
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Good morning, what are the parameters... when yellow is it above or below what? the 50 line?
thank you,
JoshJaySalazar
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@jjudice, Yellow means it is beyond the RSI boundaries (70 and -70 by default; in other words, oversold or overbought). You can tell if the MACD difference is positive or negative by how long the bar is above or below the middle line. Bars will be green for positive and red for negative unless the RSI shows as oversold or overbought, in which case you get the yellow warning. The goal here was an indicator which gave me a lot of information with a quick glance. If I needed a more specific view of either the MACD or the RSI, I'd still use the normal separate indicators.
jjudice
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@JoshJaySalazar, thank you.. its perfect. Exactly what I have been looking for!