The inputs should be tweaked depending on timeframe and what you are trading. If you are doing 1, 3, 5 min or real frequent trading then 21/44/20 and 32/66/29 or other high value MACDs should be considered. If you are doing longer intervals like 2, 3, 4hr then consider 9/19/9 and 21/44/20 for MACDs (experiment! I picked these example #s randomly).
Ideal usage for the sets is to have MACD2 inputs at around 1.5x, 2x, or 3x MACD1's inputs.
Other settings to consider: try having fastlength1=macdlength1 and then (fastlength2 = macdlength2 - 2). Like 10/26/10 and 23/48/20. This seems to increase net profit since it is more likely to trigger before major price moves, but may decrease profitable trade %. Conversely, consider FL1=MCDL1 and FL2 = MCDL2 + (FL2 * 0.5). Example: 10/26/10 and 22/48/30 this can increase profitable trade %, though may cost some net profit.
Feel free to message me with suggestions or questions.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
//@version=2 strategy("MACDbl RSI", overlay=true) fastLength = input(10) slowlength = input(22) MACDLength = input(9) MACD = ema(close, fastLength) - ema(close, slowlength) aMACD = sma(MACD, MACDLength) delta = MACD - aMACD fastLength2 = input(21) slowlength2 = input(45) MACDLength2 = input(20) MACD2 = ema(open, fastLength2) - ema(open, slowlength2) aMACD2 = sma(MACD2, MACDLength2) delta2 = MACD2 - aMACD2 Length = input(14, minval=1) Oversold = input(20, minval=1) Overbought = input(70, minval=1) xRSI = rsi(open, Length) if (delta > 0) and (year>2015) and (delta2 > 0) and (xRSI < Overbought) strategy.entry("buy", strategy.long, comment="buy") if (delta < 0) and (year>2015) and (delta2 < 0) and (xRSI > Oversold) strategy.entry("sell", strategy.short, comment="sell") //plot(strategy.equity, title="equity", color=red, linewidth=2, style=areabr)