Uses user-defined Fast Length, Slow Length, and Signal Smoothing parameters to compute MACD. Supports SMA (Simple Moving Average) or EMA (Exponential Moving Average) for the MACD line and signal line Histogram-Based Candle Coloring: The script categorizes histogram bars into four states: 0 (Very Bullish) → Green 1 (Likely Bearish) → Blue 2 (Likely Bullish) → Orange 3 (Very Bearish) → Red Histogram Plot:
Displays histogram bars with distinct colors based on price momentum changes. Market Sentiment Display in Status Line & Price Scale:
Instead of adding a label on the chart (which could obstruct candles), a text display is shown in the price scale and status line: "0 Very Bullish" "1 Likely Bearish" "2 Likely Bullish" "3 Very Bearish" The text appears in the top-right corner with white font on a black background. Purpose: This indicator enhances the standard MACD by incorporating candle coloring and a cleaner sentiment display in the price scale, helping traders quickly interpret market momentum without cluttering the chart.