[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.