Advanced MTF MACD
- MACD – multiple timeframes
- Indicator name: MACDMTF
- Indicator used: MACD
Traditional multiple timeframe indicator always has an issue of REPAINTING, when a trader wants to establish his/her strategy using Multi-Time-Frame (MTF).
Generally, you should know how MTF indicator re-paints. But I will explain with the following example:
Suppose that you are using traditional MTF MACD (H4) in (H1) chart. At 15:20, the MACD (H4) dropped below water line (0 level). Now, what happens on H1 chart? MACD of Candle 13:00, 14:00 and 15:00 will drop below the water line, hence you missed the opportunity of MACD zero line cross event (which most of the EA adopts for trading on MACD).
Here we present a solution by introducing a non-repainting MTF MACD indicator. We cannot explain the idea but we can guarantee no repaints on closed bars.
Supported timeframes: M1,M5, M15, M30, H1, H4 and D1.
- DesiredTF - empty value means the current timeframe.
- DesiredTFHelp - please consider capital letters. h1 will not be accepted for H1. Also, you cannot enter the timeframe smaller than the current one. For example, you cannot enter M5 on M15 chart.
- FastMAPeriod - fast EMA Period (Default 12).
- SlowMAPeriod - slow EMA Period (Default 26).
- SignalMAPeriod - signal EMA Period (Default 9).
- TimeFrameChangeAlerts - if true, then indicator will give alerts when the indicator's timeframe is changed.
- TrendChangeAlerts - if true, then indicator will give alerts when the trend is changed in the desired timeframe.
For demonstration purpose, 5 separate MACD indicators are displayed on the screenshots with different timeframes using default MA settings.
2. Added a new alert as requested by a client for the trend change alerts. I added a new extern variable as TrendChangeAlerts = YES / NO. So the indicator will alert the trader on a trend change in the desired timeframe.