Description
As part of our continual process to build and enhance trusted existing indicators, we’re proud to release MACD Prime to the PRIME series for those traders that rely on the popular divergence mechanics traditional MACD provides.
MACD Prime provides a default MACD structure using the popular 12,26 EMAs and a 9 look back signal line as the core of the indicator’s functionality. In this way, you will get a consistent view for what you’re use to, but of course we’ve added additional functionality that can be used to increase the value this view provides when trading.
ADDITIONAL Functions:
1) MACD Fast and Slow EMA sources are selectable, thus allowing the user to select OHLC variants as the source input for the 12/26 trendlines .
2) Background Coloring is based on a secondary “Signal” color which be default has been set to 6. This length is configurable, and providing a leading edge to the typical “MACD Cross”. Said simply, the background color will change with the trend BEFORE a default MACD cross occurs. This may provide early warning of a MACD cross, and allow for additional entry/exit signals to manifest depending on other confluence with price and trend information.
3) MACD Trend Lines . In accordance with the PRIME series MACD Prime comes bundled with Trend Line support and resistance pivots that provide additional context for how the MACD may act based on a previous and projected trend line information. By default projections are turned off, but can be enabled from within the menu options. These trendlines can be used to spot divergences as well, and can be tuned within the option to increase resolution or decrease noise provided by trend lines .
All other standard functions persist, including the typical MACD line, MACD Signal Line, and MACD Histogram.