The strategy combines the Moving Average Convergence Divergence (MACD) oscillator with Bollinger Bands to generate trading signals on the main price chart.
A long signal occurs when the MACD line crosses above its signal line while the closing price is above the Bollinger Bands middle line. A short signal is triggered when the MACD crosses below its signal line while price is below the middle band. It plots Bollinger Bands, fills the channel, colors bars based on histogram momentum, and adds chart labels on entries. Note that the strategy lacks stop-loss or take-profit rules.
MACD crossover with Bollinger Band trend filter
Bollinger Bands overlay with channel background fill
Dynamic bar coloring based on MACD histogram
Visual chart labels and line markers on trade entries
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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