MACD with Breakout Signals Indicator for ThinkorSwim

[BenTen]

Here is a MACD indicator with breakout signals that shows the beginning of a downtrend or uptrend. For me, the arrows act as a bearish or bullish sign that I sometimes use as buy or sell signals.

thinkScript Code

 Archive Name: MACD_withBreakoutSignals_InvTools 
Archive Section: Momentum 
Suggested Tos Name: MACD_withBreakoutSignals_InvTools 
Archive Date: 5.13.2018 
Archive Notes:  
"" indicates an addition by the Archivist 

#Number Two MACD with Breakout Signals  [email protected] 

declare lower; 

input fastLength = 8; 

input slowLength = 17; 

input MACDLength = 9; 

input AverageType = {SMA, default EMA}; 

plot Diff = MACD(fastLength, slowLength, MACDLength, AverageType).Diff; 

Diff.SetDefaultColor(GetColor(5)); 

Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM); 

Diff.SetLineWeight(3); 

Diff.DefineColor("Positive and Up", Color.GREEN); 

Diff.DefineColor("Positive and Down", Color.DARK_GREEN); 

Diff.DefineColor("Negative and Down", Color.RED); 

Diff.DefineColor("Negative and Up", Color.DARK_RED); 

Diff.AssignValueColor(if Diff >= 0 then if Diff > Diff[1] then Diff.Color("Positive and Up") else Diff.Color("Positive and Down") else if Diff < Diff[1] then Diff.Color("Negative and Down") else Diff.Color("Negative and Up")); 

 

plot zeroline = 0; 

zeroline.assignValueColor(getcolor(7)); 

 

def crossedb = Crosses(diff, 0, CrossingDirection.BELOW); 

plot crossbelow = if crossedb then crossedb-1 else double.NaN; 

crossbelow.AssignValueColor(getcolor(5)); 

crossbelow.SetPaintingStrategy(PaintingStrategy.arrow_DOWN); 

def crossedu = Crosses(diff, 0, CrossingDirection.above); 

plot crossabove = if crossedu then crossedu-1 else double.NaN; 

crossabove.AssignValueColor(getcolor(1)); 

crossabove.SetPaintingStrategy(PaintingStrategy.arrow_up); 

#+++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Shareable Link
http://tos.mx/wKPph5

 

[Rynriggs]

@BenTen I’m new to the group and I’m really appreciating yours and everyone else’s thoughts and scripts. Thank you. Let’s make some $$$$$!!!!

 

[Rynriggs]

@Rynriggs



@Rynriggs do you by chance have the Wolfe wave script? Thank you.

 

[Rynriggs]

do you by chance have the script for Wolfe wave?

 

[Rynriggs]

@BenTen do you by chance have the Wolfe wave script? I’ve been looking for it.

 

[BenTen]

@Rynriggs Yes I do. Will post it tonight.

 

[Rynriggs]

Awesome. Thank you!!!