MTF MACD Bars
I have modified an existing indicator to suit my needs and thought others may find it useful. This gives a true visual of the MACD using coloured bars.
The light green shows that the Signal line has crossed above the MACD line but is still below the Zero level as the MACD moves up and crosses above the Zero level it turns to a darker green and the reverse is true for the downward crosses and moves. The last bar is the signal bar you cannot look back at the colours and see if they signalled a down move or up as the 1 minute moves to the left 1 bar every minute and the 5 minute 1 bar to the left every 5 minutes etc.
Try using the M1 & M5 as signals for entry and exit and the H1 & H4 for the overall trend on a 5 Minute Chart.
As you can see in this screenshot the M1 signalled the change up 17 minutes before the M5
In this screenshot the M1 has just signalled a down ward move with the MACD & Signal crossing above the zero line giving a light red bar.
10 minutes later - Note the M1 MACD has now crossed to below the Zero level
Thanks cja for your great as always work.
In the last case, where the new 5min bar opens @9543, do we go short, although 5min MACD has not turned?
Of course you can go short on the M1 signal but be aware that if the M5 is against you the move will be very small in this case it was 20pips approx then when the M5 confirmed the move a further 35 plus pips was added to the move, it always pays to trade with the trend so wait for price to move up in this example and trade it when it turns as the long term is showing short at present. I use MM levels to help pick and confirm the reversals.
Thanks for the reply. Although, as you can see below, my values look different than yours (I use default values BTW), as I understand it that
We look at a 5min chart. When the 1M signal is in place, this is a heads up. Signal is confirmed by change in 5M colour. Higher TF colours should agree.
Could you please post your version of the MM lines.
Thank you FXsniper. I've been searching all over the web for this.
+ conventional MACDmtf + mtf_alligatorB3(2jaws) - for the hell of it
guys, some info on Waist levels, please?
edit: just Alligator +3MAs(regular,not T3) sorry : ))))
This Fractal Retracement by Ton Maas looks interesting http://www.trader.online.pl/MSZ/e-w-Fractal_Retracements.html .Does anyone know how to convert it to Multı Tımeframe Metatrader indicator?Thanks
Here is a 1hr with 4hr MTF Bollingers set to 13, a CCI 4hr (top), and a 4hr ADX (bottom).