MACD Fake Filter [RH]Introducing a new indicator for the TradingView community based on the MACD indicator! This innovative tool goes beyond traditional MACD signals by analyzing positive and negative waves to determine the average height of the waves to filter false cross-over or cross-under signals during the sideways market.
There are two types of waves created by the MACD line, one is a positive wave above the "zero" line and another is a negative wave below "zero" line. Each wave has peaks. This indicator will find the average height of the positive waves' peaks and plot as a green line(by default). Vice-versa it will also find the average height of the negative waves' peaks and plot as a red line(by default).
Example :
This indicator will show labels when the MACD line crosses-under the MACD signal line above the average height of the positive waves.
Vice-versa, the indicator will show labels when the MACD line crosses-above the MACD signal line below the average height of the negative waves.
Example:
Alerts are also available for these types of cross-over and cross-under.
Macdcrossing
MACD crossover while RSI Oversold/OverboughtThis indicator draws signals on the chart when a Bullish MACD Crossover occurs at the same time RSI is "oversold", and also when Bearish MACD Crossover occurs at the same time RSI is "overbought"
Indicators are drawn on the chart in the following scenarios:
1. Bullish signal
a. MACD bullish crossover occurs on a single bar
b. RSI was below the Oversold threshold (29 by default) within the prior 5 bars
2. Bearish signal
a. MACD bearish crossover occurs on a singnle bar
b. RSI was above the Overbought threshold (71 by default) within the prior 5 bars
