I have some questions about this MT4 indicator "5_34_5" found here https://www.mql5.com/go?link=http://www.xeatrade.com/trading/11/%2520/330.html
1. How to interpret it? How to use it? Does it give buy/sell signal? If yes, what are their?
2. When is better to trade using this indicator : range or trend?
3. What is the best chart setting for this indicator (UT, ...) to skip false signals?
4. What code lines to add to get a sound alert:
- when the fast line cross above the slow line.
- when the fast line cross below the slow line.
- one candlestick before the fast line cross above the slow line.
- one candlestick before the fast line cross below the slow line.
5. Is it a variant of the MACD(12,26,9)? I mean, is it a MACD(5,34,5)?
6. How to get the same (or very close) indicator on a trading platform not compatible with MQ4 language?
Thank you very much.
If i remember correct it is a MACD with the setting 5 34 5 , bust it was made in an another indicator. It has two lines, and it gives a buy or sell signal when the cross, but trading using one indicator is pretty risky.
There is a problem with this indicator , because it changes it`s historical values, this is why it has no good use. But still, if you wan`t to use it it is better to do it in a traendy market, just like the most of other indicators. It can be applied to any chart, it`s your preference basicly.
I think this indicator could be (or mimics) the traditional MACD, but uses 5,34,5 as its parms. If so, it can be a reasonably good tool, but always consider it in perspective of the overall trend.
However, I'm new to coding for Metatrader, and am not sure this is really a MACD variant. The references to ADR in the code could be old references.
Wish I could help more. I'm a retired Fortran programmer who is searching for Metatrader programmers who can help me come up to speed.
I am looking for an indicator to use for a 1 hour time frame that you can use in trending and ranging markets. Also will this indicator give an idea for entry and exit points. Any suggestions?
try awesome indicator very similar to 5-34-5 macd