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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).
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