Signals are generated when extremums of MACD form one of two patterns described in the code.
The most useful TFs for it are H1 and higher. Inicator signals show rather good results in tester without any upgrading, just some magic with parameters.
I use it as trend filter. The drawdown is quite high, but the indicator does it's job.
Here are results of these signals as they can be, order size is 1lot:
Translated from Russian by MetaQuotes Software Corp.
Original code: http://www.mql5.com/ru/code/9091