Moneyball EMA-MACD indicator [VinnieTheFish]

Summary of the Moneyball EMA-MACD Indicator Script

Author: VinnieTheFish

Purpose:
This indicator helps traders identify trend direction, momentum shifts, and potential trade signals based on EMA and MACD crossovers.

This Pine Script is a custom indicator that combines Exponential Moving Averages (EMAs) and MACD (Moving Average Convergence Divergence) to analyze price trends and momentum. The script uses a custom 9/50 MACD with a 16 smoothing period. The script is written in a way that you can create your own custom MACD settings and create alerts based on those parameters. The chart bars are color coded based on the relative position of the MACD and Signal line primarily for bullish long trade setups.

Key Features:

User Inputs:

• Configurable fast and slow lengths for MACD calculation.
  
• Choice between SMA and EMA for oscillator and signal line smoothing.
  
• Customizable signal smoothing length.
  

EMA Calculation:

• Computes 3 EMA, 9 EMA, 20 EMA, and 50 EMA to track short-term and long-term trends.
  

MACD Calculation:

• Computes MACD using either SMA or EMA based on user selection.
  
• Generates the MACD signal line for comparison.
  

Crossover Conditions:

• Detects MACD and Signal line crossovers above and below the zero line.
  
• Identifies price momentum shifts.
  

Bar Coloring Logic:

• Green: MACD is above 0 and above the signal line.
  
• White: MACD is below the signal line.
  
• Orange: MACD is below 0 but above the signal line.
  
• Fuchsia: Bullish EMA 3/9 cross but price is still below the 20/50 EMA.
  

Alerts for Key Trading Signals:

• MACD crossing above/below the zero line.
  
• Signal line crossing above/below the zero line.
  
• MACD reaching new highs/lows.
  
• Alerts for colored bar conditions.