Ultimate MACD Indicator for ThinkorSwim

horserider said:
Here is a MACD indicator for ThinkorSwim. It uses a color coded MACD line to show changes. There is a moving average of the MACD signal line. And MACD bands to show volatility. The signal would be the cross of MACD (Green/RED) and signal line (White). A photo is also below to give tips on trading the indicator. The lengths can be adjusted to suit your trading. (Since the below photo zero line was added)

View attachment 1466

Original post is below with updated standard code.

View attachment 5278

Any questions just ask.

Here is the code. Code updated to current version:

Code: 
#
# Ultimate MACD by Horserider 8/30/2019
# Standard version
# Also have short and long term versions. Can accomplish all three by just adjusting inputs to fit your trading style.
# Standard MACD 12,26,9 BB length 20.
# Short term MACD 6, 13, 6 BB length 5.
# Long term MACD 48, 104, 36 BB length 20.
# Added zero line on suggestion of Ahmar824 1/12/2019.

declare lower;
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input AverageTypeMACD = {SMA, default EMA, Wilders};

input price = close;
input displace = 0;

def MACD_Data = MACD(fastLength = fastLength, slowLength = slowLength, MACDLength = MACDLength);
plot MACD_Line = MACD_Data;

MACD_Line.DefineColor("Up", Color.GREEN);
MACD_Line.DefineColor("Down", Color.RED);
MACD_Line.DefineColor("Even", Color.WHITE);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then MACD_Line.Color("Up") else (if MACD_Line == MACD_Line[1] then MACD_Line.Color("Even") else MACD_Line.Color("Down")));
MACD_Line.SetLineWeight(3);

plot zero = 0;
zero.setDefaultColor(color.LIGHT_ORANGE);
zero.setLineWeight (1) ;

def Value;
plot Avg;
switch (AverageTypeMACD) {
case SMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case EMA:
    Value = ExpAverage(price, fastLength) - ExpAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);

case Wilders:
    Value = WildersAverage(price, fastLength) - WildersAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);
}
Avg.SetDefaultColor(Color.WHITE);


#plot BB;
#Bollinger BandsSMA,EMA
input AverageTypeBB = {default SMA, EMA, HMA};
input displaceBB = 0;
input lengthBB = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;

plot upperBand;
plot lowerBand;
def midline;

switch (AverageTypeBB) {
case SMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).Midline;
case EMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
case HMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
}

upperBand.SetDefaultColor(Color.GRAY);
upperBand.DefineColor("Up", Color.CYAN);
upperBand.DefineColor("Down", Color.PINK);
upperBand.DefineColor("Even", Color.GRAY);
upperBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));
upperBand.SetLineWeight(2);

lowerBand.SetDefaultColor(Color.GRAY);
lowerBand.DefineColor("Up", Color.CYAN);
lowerBand.DefineColor("Down", Color.PINK);
lowerBand.DefineColor("Even", Color.GRAY);
lowerBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));

plot midline1 = midline;

Update to show versatility of the study to fit different trading styles. Will include shares to each variation but same can be accomplished by changing the inputs. Added a zero line.

Standard MACD 12,26,9 BB length 20. https://tos.mx/X1IBznK
Short term MACD 6, 13, 6 BB length 5. https://tos.mx/tpa1Ek8
Long term MACD 48, 104, 36 BB length 20. https://tos.mx/iUs5wqK
Click to expand...
I like your ultimate MacD it is what I have been looking for. Now I just need to learn how to use it properly. Any suggestions?
 

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ChaChing said:
I like your ultimate MacD it is what I have been looking for. Now I just need to learn how to use it properly. Any suggestions?
Click to expand...

1. Here is an overview on how to use oscillators:
https://usethinkscript.com/threads/how-to-read-an-oscillator-in-thinkorswim.11497/

2. The long term MACD is used to define trend.
3. The short term MACD finds entry
4. Crosses above / below bollinger bands highlight areas of support and resistance.

5. Never look at just one timeframe:
https://usethinkscript.com/threads/best-time-frame-for-day-trading-for-thinkorswim.12209/

6. Never use in isolation:
https://usethinkscript.com/threads/basics-for-developing-a-good-strategy.8058/
 
Last edited by a moderator:
horserider said:
Here is a MACD indicator for ThinkorSwim. It uses a color coded MACD line to show changes. There is a moving average of the MACD signal line. And MACD bands to show volatility. The signal would be the cross of MACD (Green/RED) and signal line (White). A photo is also below to give tips on trading the indicator. The lengths can be adjusted to suit your trading. (Since the below photo zero line was added)

View attachment 1466

Original post is below with updated standard code.

View attachment 5278

Any questions just ask.

Here is the code. Code updated to current version:

Code: 
#
# Ultimate MACD by Horserider 8/30/2019
# Standard version
# Also have short and long term versions. Can accomplish all three by just adjusting inputs to fit your trading style.
# Standard MACD 12,26,9 BB length 20.
# Short term MACD 6, 13, 6 BB length 5.
# Long term MACD 48, 104, 36 BB length 20.
# Added zero line on suggestion of Ahmar824 1/12/2019.

declare lower;
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input AverageTypeMACD = {SMA, default EMA, Wilders};

input price = close;
input displace = 0;

def MACD_Data = MACD(fastLength = fastLength, slowLength = slowLength, MACDLength = MACDLength);
plot MACD_Line = MACD_Data;

MACD_Line.DefineColor("Up", Color.GREEN);
MACD_Line.DefineColor("Down", Color.RED);
MACD_Line.DefineColor("Even", Color.WHITE);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then MACD_Line.Color("Up") else (if MACD_Line == MACD_Line[1] then MACD_Line.Color("Even") else MACD_Line.Color("Down")));
MACD_Line.SetLineWeight(3);

plot zero = 0;
zero.setDefaultColor(color.LIGHT_ORANGE);
zero.setLineWeight (1) ;

def Value;
plot Avg;
switch (AverageTypeMACD) {
case SMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case EMA:
    Value = ExpAverage(price, fastLength) - ExpAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);

case Wilders:
    Value = WildersAverage(price, fastLength) - WildersAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);
}
Avg.SetDefaultColor(Color.WHITE);


#plot BB;
#Bollinger BandsSMA,EMA
input AverageTypeBB = {default SMA, EMA, HMA};
input displaceBB = 0;
input lengthBB = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;

plot upperBand;
plot lowerBand;
def midline;

switch (AverageTypeBB) {
case SMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).Midline;
case EMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
case HMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
}

upperBand.SetDefaultColor(Color.GRAY);
upperBand.DefineColor("Up", Color.CYAN);
upperBand.DefineColor("Down", Color.PINK);
upperBand.DefineColor("Even", Color.GRAY);
upperBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));
upperBand.SetLineWeight(2);

lowerBand.SetDefaultColor(Color.GRAY);
lowerBand.DefineColor("Up", Color.CYAN);
lowerBand.DefineColor("Down", Color.PINK);
lowerBand.DefineColor("Even", Color.GRAY);
lowerBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));

plot midline1 = midline;

Update to show versatility of the study to fit different trading styles. Will include shares to each variation but same can be accomplished by changing the inputs. Added a zero line.

Standard MACD 12,26,9 BB length 20. https://tos.mx/X1IBznK
Short term MACD 6, 13, 6 BB length 5. https://tos.mx/tpa1Ek8
Long term MACD 48, 104, 36 BB length 20. https://tos.mx/iUs5wqK
Click to expand...
This is a great study. Appreciate your sharing. After looking through this thread, I didn't see where there are alerts written. If I missed it, please let me know. With that said, are you able to write in Alerts for when the MACD line turns green or red? I've tried, but to no avail.
 
apbreaux said:
This is a great study. Appreciate your sharing. After looking through this thread, I didn't see where there are alerts written. If I missed it, please let me know. With that said, are you able to write in Alerts for when the MACD line turns green or red? I've tried, but to no avail.
Click to expand...

Add to the bottom of your study:
Ruby: 
def MACDrising = MACD_Line > MACD_Line[1] ;

# Alerts
Alert( MACDrising and !MACDrising[1], "MACD UP", Alert.Bar, Sound.Chimes);
Alert(!MACDrising and  MACDrising[1], "MACD DN", Alert.Bar, Sound.Bell);

This says, alert when MACD is rising but wasn't rising on the previous bar and vice-versa
 
Last edited:
Is it possible to receive sound alerts for when the macd_line is greater than or equal to the upper band and less than or equal to the lower band? TIA.
 
Freddie_CM said:
Is it possible to receive sound alerts for when the macd_line is greater than or equal to the upper band and less than or equal to the lower band? TIA.
Click to expand...
Add this code snippet to the bottom of your study:


Alerts --> MACD Above UpperBand and MACD Below LowerBand
# Alerts
Alert(MACD_line >= upperBand, "above Upper", Alert.Bar, Sound.Ding);
Alert(MACD_line <= lowerBand, "below Lower", Alert.Bar, Sound.Bell);
Click to expand...
 
Freddie_CM said:
Thank you, is there a way to add an up arrow and down arrow when the macd line turns green or red?
Click to expand...
Append this code snippet to the bottom of your study:

MACD Change In Trend Arrows
Ruby: 
def MACDrising = MACD_Line > MACD_Line[1] ;

plot uparrow = if MACDrising and !MACDrising[1] then MACD_Line else double.NaN;
uparrow.SetPaintingStrategy(PaintingStrategy.ARROW_up);
uparrow.SetDefaultColor(color.cyan) ;
uparrow.SetLineWeight(3);

plot dnarrow = if !MACDrising and MACDrising[1] then MACD_Line else double.NaN;
dnarrow.SetPaintingStrategy(PaintingStrategy.ARROw_DOWN);
dnarrow.SetDefaultColor(color.magenta) ;
dnarrow.SetLineWeight(3);
 
MerryDay said:
Add to the bottom of your study:
Ruby: 
def MACDrising = MACD_Line > MACD_Line[1] ;

# Alerts
Alert( MACDrising and !MACDrising[1], "MACD UP", Alert.Bar, Sound.Chimes);
Alert(!MACDrising and  MACDrising[1], "MACD DN", Alert.Bar, Sound.Bell);

This says, alert when MACD is rising but wasn't rising on the previous bar and vice-versa
Click to expand...
would the ultimate macd indicator work with a weighted moving average MACD line?
 
shellyonthepelli said:
would the ultimate macd indicator work with a weighted moving average MACD line?
Click to expand...

WMA
Gives more weight to recent data points, making it more responsive to current market conditions. WMAs are useful for short-term trading strategies, such as identifying market trends, potential support and resistance levels, and determining entry and exit points for trades.

EMA
Also gives more weight to recent data points, but the rate of decrease between one price and its preceding price is exponential, not consistent. EMAs react faster as a trend changes direction, and some traders view them as a clearer indicator of a trend.

If you are using the MACD to find reversals, the EMA would be preferred.
If you are using it more for support or as a range; then the WMA would be preferred.

Here is the Ultimate MACD with WMA added to the choice of averages in the settings:
Ruby: 
#
# Ultimate MACD by Horserider 8/30/2019
# Standard version
# Also have short and long term versions. Can accomplish all three by just adjusting inputs to fit your trading style.
# Standard MACD 12,26,9 BB length 20.
# Short term MACD 6, 13, 6 BB length 5.
# Long term MACD 48, 104, 36 BB length 20.
# Added zero line on suggestion of Ahmar824 1/12/2019.

declare lower;
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input AverageTypeMACD = {SMA, WMA, default EMA, Wilders};

input price = close;
input displace = 0;

def MACD_Data = MACD(fastLength = fastLength, slowLength = slowLength, MACDLength = MACDLength);
plot MACD_Line = MACD_Data;

MACD_Line.DefineColor("Up", Color.GREEN);
MACD_Line.DefineColor("Down", Color.RED);
MACD_Line.DefineColor("Even", Color.WHITE);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then MACD_Line.Color("Up") else (if MACD_Line == MACD_Line[1] then MACD_Line.Color("Even") else MACD_Line.Color("Down")));
MACD_Line.SetLineWeight(3);

plot zero = 0;
zero.setDefaultColor(color.LIGHT_ORANGE);
zero.setLineWeight (1) ;

def Value;
plot Avg;
switch (AverageTypeMACD) {
case SMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case WMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case EMA:
    Value = ExpAverage(price, fastLength) - ExpAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);

case Wilders:
    Value = WildersAverage(price, fastLength) - WildersAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);
}
Avg.SetDefaultColor(Color.WHITE);


#plot BB;
#Bollinger BandsSMA,EMA
input AverageTypeBB = {default SMA, EMA, HMA};
input displaceBB = 0;
input lengthBB = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;

plot upperBand;
plot lowerBand;
def midline;

switch (AverageTypeBB) {
case SMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).Midline;
case EMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
case HMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
}

upperBand.SetDefaultColor(Color.GRAY);
upperBand.DefineColor("Up", Color.CYAN);
upperBand.DefineColor("Down", Color.PINK);
upperBand.DefineColor("Even", Color.GRAY);
upperBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));
upperBand.SetLineWeight(2);

lowerBand.SetDefaultColor(Color.GRAY);
lowerBand.DefineColor("Up", Color.CYAN);
lowerBand.DefineColor("Down", Color.PINK);
lowerBand.DefineColor("Even", Color.GRAY);
lowerBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));

plot midline1 = midline;
 
useThinkScript said:
WMA
Gives more weight to recent data points, making it more responsive to current market conditions. WMAs are useful for short-term trading strategies, such as identifying market trends, potential support and resistance levels, and determining entry and exit points for trades.

EMA
Also gives more weight to recent data points, but the rate of decrease between one price and its preceding price is exponential, not consistent. EMAs react faster as a trend changes direction, and some traders view them as a clearer indicator of a trend.

If you are using the MACD to find reversals, the EMA would be preferred.
If you are using it more for support or as a range; then the WMA would be preferred.

Here is the Ultimate MACD with WMA added to the choice of averages in the settings:
Ruby: 
#
# Ultimate MACD by Horserider 8/30/2019
# Standard version
# Also have short and long term versions. Can accomplish all three by just adjusting inputs to fit your trading style.
# Standard MACD 12,26,9 BB length 20.
# Short term MACD 6, 13, 6 BB length 5.
# Long term MACD 48, 104, 36 BB length 20.
# Added zero line on suggestion of Ahmar824 1/12/2019.

declare lower;
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input AverageTypeMACD = {SMA, WMA, default EMA, Wilders};

input price = close;
input displace = 0;

def MACD_Data = MACD(fastLength = fastLength, slowLength = slowLength, MACDLength = MACDLength);
plot MACD_Line = MACD_Data;

MACD_Line.DefineColor("Up", Color.GREEN);
MACD_Line.DefineColor("Down", Color.RED);
MACD_Line.DefineColor("Even", Color.WHITE);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then MACD_Line.Color("Up") else (if MACD_Line == MACD_Line[1] then MACD_Line.Color("Even") else MACD_Line.Color("Down")));
MACD_Line.SetLineWeight(3);

plot zero = 0;
zero.setDefaultColor(color.LIGHT_ORANGE);
zero.setLineWeight (1) ;

def Value;
plot Avg;
switch (AverageTypeMACD) {
case SMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case WMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case EMA:
    Value = ExpAverage(price, fastLength) - ExpAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);

case Wilders:
    Value = WildersAverage(price, fastLength) - WildersAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);
}
Avg.SetDefaultColor(Color.WHITE);


#plot BB;
#Bollinger BandsSMA,EMA
input AverageTypeBB = {default SMA, EMA, HMA};
input displaceBB = 0;
input lengthBB = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;

plot upperBand;
plot lowerBand;
def midline;

switch (AverageTypeBB) {
case SMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).Midline;
case EMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
case HMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
}

upperBand.SetDefaultColor(Color.GRAY);
upperBand.DefineColor("Up", Color.CYAN);
upperBand.DefineColor("Down", Color.PINK);
upperBand.DefineColor("Even", Color.GRAY);
upperBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));
upperBand.SetLineWeight(2);

lowerBand.SetDefaultColor(Color.GRAY);
lowerBand.DefineColor("Up", Color.CYAN);
lowerBand.DefineColor("Down", Color.PINK);
lowerBand.DefineColor("Even", Color.GRAY);
lowerBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));

plot midline1 = midline;
Click to expand...
works exactly how wanted it. i spend many many hours trying to figure it out. i'm learning. Thank you!
 
horserider said:
Here is a MACD indicator for ThinkorSwim. It uses a color coded MACD line to show changes. There is a moving average of the MACD signal line. And MACD bands to show volatility. The signal would be the cross of MACD (Green/RED) and signal line (White). A photo is also below to give tips on trading the indicator. The lengths can be adjusted to suit your trading. (Since the below photo zero line was added)

View attachment 1466

Original post is below with updated standard code.

View attachment 5278

Any questions just ask.

Here is the code. Code updated to current version:

Code: 
#
# Ultimate MACD by Horserider 8/30/2019
# Standard version
# Also have short and long term versions. Can accomplish all three by just adjusting inputs to fit your trading style.
# Standard MACD 12,26,9 BB length 20.
# Short term MACD 6, 13, 6 BB length 5.
# Long term MACD 48, 104, 36 BB length 20.
# Added zero line on suggestion of Ahmar824 1/12/2019.

declare lower;
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input AverageTypeMACD = {SMA, default EMA, Wilders};

input price = close;
input displace = 0;

def MACD_Data = MACD(fastLength = fastLength, slowLength = slowLength, MACDLength = MACDLength);
plot MACD_Line = MACD_Data;

MACD_Line.DefineColor("Up", Color.GREEN);
MACD_Line.DefineColor("Down", Color.RED);
MACD_Line.DefineColor("Even", Color.WHITE);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then MACD_Line.Color("Up") else (if MACD_Line == MACD_Line[1] then MACD_Line.Color("Even") else MACD_Line.Color("Down")));
MACD_Line.SetLineWeight(3);

plot zero = 0;
zero.setDefaultColor(color.LIGHT_ORANGE);
zero.setLineWeight (1) ;

def Value;
plot Avg;
switch (AverageTypeMACD) {
case SMA:
    Value = Average(price, fastLength) - Average(price, slowLength);
    Avg = Average(Value, MACDLength);
case EMA:
    Value = ExpAverage(price, fastLength) - ExpAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);

case Wilders:
    Value = WildersAverage(price, fastLength) - WildersAverage(price, slowLength);
    Avg = ExpAverage(Value, MACDLength);
}
Avg.SetDefaultColor(Color.WHITE);


#plot BB;
#Bollinger BandsSMA,EMA
input AverageTypeBB = {default SMA, EMA, HMA};
input displaceBB = 0;
input lengthBB = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;

plot upperBand;
plot lowerBand;
def midline;

switch (AverageTypeBB) {
case SMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up).Midline;
case EMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
case HMA:
    upperBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).UpperBand;
    lowerBand = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).LowerBand;
    midline   = reference BollingerBands(MACD_Line, displaceBB, lengthBB, Num_Dev_Dn, Num_Dev_up, averageType = AverageType.EXPONENTIAL).Midline;
}

upperBand.SetDefaultColor(Color.GRAY);
upperBand.DefineColor("Up", Color.CYAN);
upperBand.DefineColor("Down", Color.PINK);
upperBand.DefineColor("Even", Color.GRAY);
upperBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));
upperBand.SetLineWeight(2);

lowerBand.SetDefaultColor(Color.GRAY);
lowerBand.DefineColor("Up", Color.CYAN);
lowerBand.DefineColor("Down", Color.PINK);
lowerBand.DefineColor("Even", Color.GRAY);
lowerBand.AssignValueColor(if upperBand > upperBand[1] and lowerBand < lowerBand[1] then upperBand.Color("Up") else (if upperBand < upperBand[1] and lowerBand > lowerBand[1] then upperBand.Color("Down") else upperBand.Color("Even")));

plot midline1 = midline;

Update to show versatility of the study to fit different trading styles. Will include shares to each variation but same can be accomplished by changing the inputs. Added a zero line.

Standard MACD 12,26,9 BB length 20. https://tos.mx/X1IBznK
Short term MACD 6, 13, 6 BB length 5. https://tos.mx/tpa1Ek8
Long term MACD 48, 104, 36 BB length 20. https://tos.mx/iUs5wqK
Click to expand...
I am not using BB, only MACD Line, Zero Line, and Avg. Is there a simple way to place a red cloud from 25 to 40 and a green line from -25 to -40? Seems to match up well with RSI Overbought and Oversold.
 
Last edited:
PaulS said:
I am not using BB, only MACD Line, Zero Line, and Avg. Is there a simple way to place a red cloud from 25 to 40 and a green line from -25 to -40? Seems to match up well with RSI Overbought and Oversold.
Click to expand...


Bounded oscillators such as RSI can have cloud boundaries.
Oscillators such as MACD can not. It will not work. You will have scaling issues.

But if you still want it, here ya go. Add this code snippet to the bottom of your study.
AddCloud(25, 40, color.red, color.red);
AddCloud(-25, -40, color.green, color.green);
Click to expand...
 
Last edited:
shellyonthepelli said:
works exactly how wanted it. i spend many many hours trying to figure it out. i'm learning. Thank you!
Click to expand...
I'm trying to add a scan to see when the MACD is increasing on multiple timeframes, so when i put in a study for the MACD using the Weighted Average, it doesn't line up with the logic used in your study. could you assist with adjusting this scan logic to match?

Code: 
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input averageType = AverageType.WEIGHTED;
def Diff = MACD(fastLength, slowLength, MACDLength, averageType).Diff;
#plot scan = Diff[1] >= Diff[2];
# OR
plot scan = Diff[1] <= Diff[2];
 
Last edited by a moderator:
Could someone make an alert sound and print up and down arrows when the MACD crosses above or below the white line please? Thanks!!
 
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