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Indicators

MACD Candles - indicator for MetaTrader 5

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Published by:
Mladen Rakic
Views:
3306
Rating:
votes: 18
Published:
2016.10.03 18:12
Updated:
2016.11.22 07:32

It does not have signal line and it does not have the price. Instead it is calculating 4 MACD-values (of open, close, high and low) and constructs MACD from those 4 values as a candles. Color of the candles (and the "trend" that macd should show) depends on the macd of open and close (not on a slope or something similar).
A deviation was made in the calculation: I decided to allow the 4 types of averages to be used (even though by definition of Gerald Appel the macd is calculated as ema(fast)-ema(slow)). So we can have a macd of sma, smma  and lwma too — all using same calculating periods.




    Translated from Russian by MetaQuotes Software Corp.
    Original code: https://www.mql5.com/ru/code/16484

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