4MACD allows you to see all facets of the current condition or that of a coming change in one pane. You can see the direction of the current momentum. You can see the initiation of a change; you can then see that change occur as the price and momentum move in an opposite direction.
Note that you still need to use other indicators like BB, OBV for confirmation. More details at www.omniumsoftware.com/FourMACD.htm
BTW, I am not a trader, but a coder. I spend lot of time here at TV and have learnt a lot about how pro-traders think.
This is my way of giving back to TV community. Hope you find this useful (do check out my other indicators). Appreciate any comments / feedback.
Note that you still need to use other indicators like BB, OBV for confirmation. More details at www.omniumsoftware.com/FourMACD.htm
BTW, I am not a trader, but a coder. I spend lot of time here at TV and have learnt a lot about how pro-traders think.
This is my way of giving back to TV community. Hope you find this useful (do check out my other indicators). Appreciate any comments / feedback.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // study(title = "4MACD [LazyBear]", shorttitle="4MACD_LB") source=close mult_b=input(4.3, title="Blue multiplier") mult_y=input(1.4, title="Yellow multiplier") ema5=ema(close,5) ema8=ema(close,8) ema10=ema(close,10) ema17=ema(source,17) ema14=ema(source,14) ema16=ema(close,16) ema17_14 = ema17-ema14 ema17_8=ema17-ema8 ema10_16=ema10-ema16 ema5_10=ema5-ema10 MACDBlue=mult_b*(ema17_14-ema(ema17_14,5)) MACDRed=ema17_8-ema(ema17_8,5) MACDYellow=mult_y*(ema10_16-ema(ema10_16,5)) MACDGreen=ema5_10-ema(ema5_10,5) plot(MACDBlue, style=histogram, color=#0066cc, linewidth=4) plot(MACDRed, style=histogram, color=red, linewidth=4) plot(MACDYellow, style=histogram, color=yellow, linewidth=4) plot(MACDGreen, style=histogram, color=green, linewidth=4)
