[blackcat] L3 MACD plus Candles

Level: 3

Background

Many people need to judge the market trend against the main candlestick chart when using MACD .



Function

First of all, the principle of MACD is the difference between EMA's long-term and short-term values. So, I wonder if it is possible to use EMA to construct a set of candle charts that are similar in proportion to MACD values for overlapping comparisons? Because this can greatly facilitate traders to make quick trend judgments. So I used the 3-8 lines of EMA to simulate the KD of KDJ, constructed a set of candle charts, and generated buying and selling points through conditional constraints. Do you like this MACD + Candlestick chart?


Inputs

N/A

Key Signal

Traditional MACD output signal
Candlesticks
Near Top --> Top is reached and reversal may happen soon. (fuchsia labels)
Near Bottom --> Bottom is reached and reversal may happen soon. (yellow labels)

Remarks

This is a Level 3 free and open source indicator.

Feedbacks are appreciated.