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Indicator that will tell us when the MACD is going to "turn"
You might also try using just the histogram bars of the MACD with a 13 period EMA overlaid in the same panel. When both EMA and Histogram bars are rising - long. When both EMA and Histogram bars are falling - short. I'm working on trying to get both into the same indicator - later today, perhaps. We'll see how that goes. If it works, I'll post it here.
After all, it's what you learn AFTER you know it all, that counts!
@Wizard,
Hi,
I have found that Leader of MACD you posted very useful. Do you know how it is plotted? Is it some type of MA or is derived other mathematical way? To make it more useful I wanted to apply some type of MA to have the colour changed on change of direction but could not find the right fit. Is it possible to have thaecolour of a Leader changeable?
I haven't used LeaderOfMACD in a long, long time. Not sure exactly what the "leader" is. How would you want to color it - based on what? Rising / falling of the Leader, or when the Leader crosses up / down on the MACD line or the Zero line? It could be done many different ways. Not sure it's a good predictor of where price might go, however.
After all, it's what you learn AFTER you know it all, that counts!
Without going overboard I was looking for having just a leader line changing colour on change of direction/slope.
I have found that on some tick charts it gives quite a good pre-warning of consolidation/ change of direction when leader is crossing MACD and is not as choppy as e.g. MACD Diff itself.
Plus - I can say - I LIKE IT A LOT!
Thank you for your continuous and generous support.