MACD_STOC INDICATOR
The MACD_STOC is an overhaul of a freely available color bar indicator called Damon_MACD.
You can see the old indicator at the top of this image.
I like shapes instead of colors for quickly
comprehending a change and I wanted to
create something that would indicate market direction on all timeframes using both the MACD and the Stochastic.
The Stochastic has become a very
appreciated indicator but it is so reactive that you need to also see the Stochastic for
higher level timeframes to make a decision. The Stochastic
plus the MACD is a well respected confirmation tool.
The MACD_STOC indicator adds stochastic to the Macd and shows them both for all timeframes. There are two different arrows - one a larger solid color and the other a smaller outline arrow . The smaller one indicates simple crossover of the signal with the reference. The larger, solid arrow indicates the up or down trend has existed for a number of bars (4) and is consistently rising or falling.
What you see is waves of up and down arrows moving through the set of timeframes. If everything is down, a new uptrend starts in the M1 frame and that uptrend will flood the indicator as higher timeframes see the uptend.
Download this MACD_STOC indicator for free,
Download MACD_STOCH.zip Now...