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).

More functional versions of the indicator: MACD Message and MACD Converter.

Good luck!