MACD ColorBars paints bar frames according to a trend, as well as changes the histogram color when MACD bars are rising or falling (if Color Bars is enabled in the inputs window). The growth of bars indicates a divergence between the fast and slow moving averages, while the decrease indicates their convergence.
Parameters
- Fast Moving Average - period of the fast moving average;
- Slow Moving Average - period of the slow moving average;
- MA method - moving average smoothing method (simple, exponential, smoothed and linear-weighted);
- Apply to - applied price of the moving averages (Close, Open, High for the period, Low for the period, Median, Typical and Linear-Weighted);
- Signal Line - signal line period;
- Color Bars – change the color of the indicator bars during the fast and slow moving averages convergence (MACD bars growing)/divergence (MACD bars decreasing).
More functional versions of the indicator: MACD Message and MACD Converter .
Good luck!
