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Traditional MacD indicator with a Momentum indicator and alarms. Allows customization of most of the parameters without having to dive into code.
This is my MACD indicator, it has well structured code so even beginners can understand it and perhaps modify it. I’ve grabbed the Momentum idea from another indicator:
I wanted a traditional MACD indicator where:
MACD line = FastEMA – SlowEMA
Signal = 9-day EMA of MACD
Histogram = MACD – Signal
The Momentum line is calculated by comparing two MACD values with 10 bars in between. Then Momentum is passed into a Moving Average to make it smoother.
Since MACD 0-crossovers and Momentum reversals can be important signals for traders, I’ve incorporated two alarms, one for each of the signals mentioned.
Note: These ‘alarms’ actually are being printed on Experts tab, if you want alerts, just uncomment the respective lines in the code (instead of Print() function use Alert()).
I wanted to make this indicator user friendly and customizable, so I’ve included a lot of parameters:
BarsToProcess — Self explanatory. Note: This affects the ability for the graph to render different time frames, at 1000 you can go up to 1D!
AppliedPrice — Price used to calculate MACD.
PeriodFastEMA — Period used to calculate fast moving average.
PeriodSlowEMA — Period used to calculate slow moving average.
PeriodSignal — Period analyzed to calculate the signal line.
SignalMA — Moving average method used to calculate the signal line.
DeltaMomentum — Distance between the two points analyzed to calculate the Momentum.
PeriodMomentum — Period analyzed to compute the moving average of the Momentum (Momentum smoothing).
MomentumMA — Moving average method used to calculate the smoothed Momentum.
AlarmZeroCrossover — Enables/Disables the alarm for MACD 0-crossovers.
AlarmMomentumReverse — Enables/Disables the alarm for Momentum reversals.
Last updated: 9-26-16