Long Entries from Support Levels and MACD Crossovers

Summary

This TradingView strategy combines a rolling support and resistance display with a MACD-based long entry. It plots the lowest low as support and highest high as resistance, then signals a long when the MACD line crosses above its signal line, the histogram is positive, and price is above the plotted support. The script sets a percentage stop loss and take profit when entering a trade.

The accompanying explanation recommends checking whether price has repeatedly reacted at support and describes the crossover as confirmation of bullish momentum. It suggests placing a stop below support, while the code instead calculates its stop from the entry price; the code’s exit target is also a fixed percentage rather than a nearby resistance level. No backtest results or market-specific evidence are provided. The support and resistance strength inputs do not appear to affect the plotted levels, and the extreme-price logic may not identify conventional tested zones. The approach is therefore a simple, configurable example that would need careful validation before use.

Key ideas

• The strategy opens a long when MACD crosses above its signal line, its histogram is positive, and price is above the plotted support.
• The script plots the lowest low and highest high reached, rather than zones based on repeated price reactions.
• Stop loss and take profit are set as percentages of the entry price.
• The explanation recommends historical testing and demo trading, but supplies no performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.