MTF Macd Column

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Hello Pete, Its been sometime since I’ve dropped by your website, you’ve done a lot of work here since I last visited and it looks like you put a lot of effort into this helping others. lucky us. Pete I was wondering if you could create a macd column showing when the macd is up or down. green when up or red when down. The end goal would then be to create 2 more columns with different timeframes to mimic your MTF macd indicator, so if all 3 columns went green, all 3 timeframes would be in agreement to the upside. If all three columns went red all 3 timeframes would be in agreement to the downside. This would be one hell of a quick reference tool on a radar screen. Thank you sir!

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Posted by (Questions: 1, Answers: 1)
Asked on May 5, 2018 11:09 am
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This is such a great question because our MTF MACD studies have been extremely popular. But for some reason you are the first to ask for it in the form of a custom watchlist. The code is super easy. Especially since I am using short-hand and referencing the MACD study instead of computing the entire thing.

Let’s make sure everyone viewing this post knows where they can view the rest of our content on the MTF MACD:

Thinkorswim MTF MACD Indicator (this is version one and signals are able to repaint)

Thinkorswim MTF MACD Scan (article)

Thinkorswim Strategy Guide MTF (this is version two and signals cannot repaint)

Here is the code:

input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input averageType = AverageType.EXPONENTIAL;
def histogram = MACD(fastLength, slowLength, MACDLength, averageType, no).Diff;
plot signal = if histogram > histogram[1] then 1 else -1;
AssignBackgroundColor(if signal == 1 then Color.GREEN else Color.RED);

The screenshot below shows the result. Selected ticker symbol is AES and you see how the custom columns in the watchlist are all in agreement with the three charts: weekly, daily and hourly. For the watchlist columns, we have CustomW set to weekly, CustomD set to daily and CustomH set to hourly (without ext hours).

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Posted by (Questions: 37, Answers: 4118)
Answered on May 5, 2018 12:40 pm
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Thanks Pete! I have all kinds of weapons in my arsenal of studies, The MTF Macd is second to none. Most traders fail to use multiple timeframes when they trade, darn shame, Its such an effective way to execute trades with a higher probability.

( at May 5, 2018 7:18 pm)
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