MACD-V.pine

// This Pine Script™ code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// @ Paper by Alex Spiroglou
// © Coded by Harry Gui

//@version=5
indicator("MACD-V", overlay=false)

// Input parameters
fastLength = input(12, title="Fast EMA Length")
slowLength = input(26, title="Slow EMA Length")
signalLength = input(9, title="Signal Length")
atrLength = input(26, title="ATR Length")
overbought = input(40, title="Overbought")
oversold = input(-40, title="Oversold")

// Calculate ATR
atr = ta.atr(atrLength)

[macdLine, signalLine, histLine] = ta.macd(close, fastLength, slowLength, signalLength)
// plot(macdLine/atr, color=color.blue)
// plot(signalLine/atr, color=color.orange)
macdv = histLine/atr*100
plot(macdv, title = "Histogram", style = plot.style_columns, color = (macdv >= 0 ? (macdv[1] < macdv ? #26A69A : #B2DFDB) : (macdv[1] < macdv ? #FFCDD2 : #FF5252)))

hline(0, title = "0.0")
hline(overbought, title = "Overbought")
hline(oversold, title = "Oversold")

plotshape(macdv < oversold ? macdv * 1.1 : na, "MACD-V Oversold", shape.circle, location = location.absolute, color = color.new(color.fuchsia, 0))
plotshape(macdv > overbought ? macdv * 1.1 : na, "MACD-V Overbought", shape.circle, location = location.absolute, color = color.new(color.fuchsia, 0))

// Highlight chart background between specific hours
display_hours_highlight = input(false, "Display background colours for specific hours")
t1 = time(timeframe.period, "1000-1300,1600-2000,2400-0700:23456", "Europe/London")
bgcolor(not na(t1) ? color.new(color.silver, 90) : na, display = display_hours_highlight? display.all: display.none)