First proposed by Giorgos E. Siligardos, "Leader" leads normal , especially when significant trend changes are about to take place. This has the following features:
- It is similar to in smoothness.
- It can be plotted along with in the same window using the same scaling.
- It has the ability to lead at critical situations
For detailed discussion on the various divergence patterns, refer to the PDF I have linked in the "More Info" below.
I have provided an option to plot and signal on the same pane. You can enable/disable them via options page.
For Pinescript coders: Try enabling histo on this to compare with normal histo :)
List of my other indicators:
- GDoc: https://docs.google.com/document/d/15AGC...
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("MACD Leader [LazyBear]", shorttitle="MACDL_LB") src=close shortLength = input(12, title="Fast Length") longLength = input(26, title="Slow Length") sigLength = input(9, title="Signal Length") showMACD=input(false) showMACDSignal=input(false) ma(s,l) => ema(s,l) sema = ma( src, shortLength ) lema = ma( src, longLength ) i1 = sema + ma( src - sema, shortLength ) i2 = lema + ma( src - lema, longLength ) macdl = i1 - i2 macd=sema-lema hline(0) plot( macdl, title="MACDLeader", color=maroon, linewidth=2) plot(showMACD?macd:na, title="MACD", color=green) plot(showMACDSignal?sma(macd, sigLength):na, title="Signal", color=red)