This is a more configurable MACD:
- Allows various moving averages (EMA, SMA, Hull, WMA) instead of just EMA.
- Better color coding for MACD line, rising vs. falling
- Optional Normalised Scale; my pet peeve with standard MACD, that we can't really easily compare it across instruments. Taking a page from the ATR Percent indicator, we allow for normalising the MACD and Signal lines relative to Close: MACD / Close x 100. Ditto for the Signal line. This is really useful for reversal type scenarios, and to avoid ranging markets.
- Threshold horizontal line markers to further support the use of the Normalised Scale. Simply configure this via the Style Settings.
Versionsinformation:
Now allow differing moving average types for each component of the MACD: Fast, Slow, Signal. The use case is where we want to gauge the momentum by different moving averages, e.g. a faster one using EMA, and a slower one using a plain SMA.
The chart shows 22-EMA vs. 110 SMA, for example, and its corresponding MACD, with a 16-period SMA signal line.
Visual enhancement: Use gradation of colours in the MACD histogram, for better visual cues on changes, this cue is there in the stock TV MACD, it feels like I can't call this "enhanced" if I take away a useful feature, hey!
The chart shows 22-EMA vs. 110 SMA, for example, and its corresponding MACD, with a 16-period SMA signal line.
Visual enhancement: Use gradation of colours in the MACD histogram, for better visual cues on changes, this cue is there in the stock TV MACD, it feels like I can't call this "enhanced" if I take away a useful feature, hey!