Custom MACD (Normalized by ATR)

This is a modified version of the classic MACD indicator.
Instead of using just the difference between EMA(12) and EMA(26), this version normalizes the MACD line by ATR(26) and scales it by 100:

[(EMA12 - EMA26)/(26 ATR)] * 100

This adjustment makes the MACD relative to market volatility, allowing for easier comparison across assets and timeframes.

The idea of normalizing MACD with ATR comes from Alex Spioglou, who suggested this improvement to enhance signal consistency in volatile markets.

Plots include the ATR-normalized MACD line, the signal line, and the histogram, with rising/falling color cues and built-in alert conditions.