This indicator is a new version of the classic MACD. The coloured line is the difference between 2 moving average (a fast one and a slow one), you can modify their periods and their type in the settings.
A “band” made of a standard deviation act as a support or resistance and also as a filter to give accurate long and short signals. The widen of the band can be modify with the “dev” setting which is the multiplier of how many standard deviation is used for the calculation of the band.
Like the classic MACD, this oscillator can be also used to spot divergences and potential trend reversing.
I retrieved this code in my platform, so I’m sharing it. Enjoy.
|
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 |
//PRC_MACD Signal Bands | indicator //27.04.2017 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //---Settings //fastLength=12 //slowLength=26 //fastMAtype=1 //moving average type variable //slowMAtype=1 //moving average type variable //length=12 //dev=1 //---End of settings fastema=average[fastLength,fastMAtype] slowema=average[slowLength,slowMAtype] mmacd = fastema-slowema sstd = std[length](mmacd) upper = (sstd*dev+(average[length](mmacd))) lower = ((average[length](mmacd))-(sstd*dev)) if mmacd>upper then r=0 g=200 b=0 endif if mmacd<lower then r=200 g=0 b=0 endif return mmacd coloured(r,g,b) style(line,5) as "macd", upper style(dottedline) as "upper", lower style(dottedline) as "lower" |
Share this
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.
ProRealTime ITF files and other attachments :
Filename : download the ITF files
Find other exclusive trading pro-tools on 
PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials
Hi Nicolas,
thanks you for you valuable input. I am relatively news to PRT and I would like to ask, if there is a possibility to have more than only one fibonacci option. I use fibonacci a lot and I have 3 different fib sequences I use. I use different extensions or retracements when working on a ABCD pattern or a simple high/low move. It really annoys me that whenever I want to use a different fibonacci sequence I have to fill out 8 to 10 boxes to get my fibo setup. Is there a way to save more than just one fibonacci retracement?
This is question that should be posted on forum, it’s general purpose and it is not related to this indicator. Thank you.
Thanks Nicolas for sharing this indicator, it’s interesting
Bonjour Nicolas,
Thanks for your use full job. I tried this indicator on a shorter timeframe, wich it was still efficient.
Raphaël
You are welcome. I’m glad you like it.
It does not appear over the price indicator on V11. Thanks in advance.